Biden Looks to Downplay Final High Inflation Report Before Midterm Elections

President Joe Biden responded to Thursday’s higher-than-expected September consumer price index report by reiterating that combating inflation and lowering prices for families remains his “top priority.”

Yearly inflation ending in September registered 8.2%, according to the Bureau of Labor Statistics, and core inflation, which factors out energy and food prices, rose to 6.6%, the highest mark since 1982. Both figures came in above projections.

INFLATION WORSE THAN EXPECTED AT 8.2% IN FINAL PREELECTION REPORT

“Americans are squeezed by the cost of living: that’s been true for years, and they didn’t need today’s report to tell them that. It’s a key reason I ran for President. Working to give middle class families some breathing room in dealing with their costs is critical,” Biden wrote in a statement responding to the report. “Prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority.”

Despite Thursday’s CPI outpacing projections, the president claimed that “inflation over the last three months has averaged 2%, at an annualized rate,” a drop “from 11% in the prior quarter.”

Biden added his economic plan has placed the United States “in a stronger position than any major economy to take on this challenge” and that his “policies — that Democrats delivered — directly tackles price pressures we saw in today’s report, like health care.”

“The Inflation Reduction Act locks in lower health care premiums for 13 million people, lowers seniors’ prescription drug prices, and caps their out of pocket expenses for prescription drugs at the pharmacy at $2,000 per year. The Inflation Reduction Act will also lower families’ energy costs in the months ahead,” he continued. “Republicans in Congress’ number one priority is repealing the Inflation Reduction Act. That’s the exact wrong thing to do in this moment. If Republicans take control of Congress, everyday costs will go up — not down.”

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In recent months, the White House has consistently pointed to steadily decreasing gas prices and the passage of Biden’s Inflation Reduction Act as core indicators that the president’s economic plan is working, a message Biden himself has rolled out in campaign stops across the country ahead of the midterm elections.

The recent announcement from OPEC+ to cut daily production of oil by 2 million barrels, however, cut into that narrative and prompted the White House to consider a number of actions it had previously opposed to lower gas prices and punish OPEC nations for ostensibly siding with Russia in its war with Ukraine.

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