Statement from President Joe Biden on July PCE Inflation Report
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Today’s report shows we are making real progress, with inflation falling to 2.5%—continuing at the lowest level in more than three years. Wages are growing more than prices, giving people an extra $1,400 in income since the pandemic. But there is more work to do. Prices are still too high, and Vice President Harris and I are fighting to lower costs by building 3 million new homes and expanding our prescription drug caps to all Americans. We’re also lowering costs by investing in record energy
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