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12-Month Inflation Is At Its Lowest Level In Nearly Two Years Thanks To President Biden’s Economic Agenda

FOR IMMEDIATE RELEASE: April 12, 2023
PRESS CONTACT: [email protected]

12-MONTH INFLATION IS AT ITS LOWEST LEVEL IN NEARLY TWO YEARS THANKS TO PRESIDENT BIDEN’S ECONOMIC AGENDA

CNN: US inflation fell in March for the ninth month in a row

WASHINGTON, D.C. — Today’s CPI report shows prices coming down for the ninth straight month, and the 12-month inflation rate at its lowest level since May 2021 thanks to President Biden’s economic agenda. Biden-Harris policies are lowering the cost of essentials – from prescription drugs to health care to energy bills – giving families real breathing room in their budgets.  

“On President Biden’s watch, wages are up and prices are coming down, giving working families across the country more breathing room in their budgets,” said Building Back Together Interim Executive Director Mayra Macías. “His policies are lowering costs while creating millions of good-paying jobs and spurring economic growth. President Biden stands with middle class Americans, and he’s going to keep building on this historic progress to deliver for them.”

On President Biden’s watch, we’re seeing continued progress in the fight to bring down inflation:

  • Today’s CPI report shows inflation declining for the ninth straight month.
  • The 12-month inflation rate is at its lowest level since May 2021.
  • Inflation has fallen by 45% since its peak last summer, with gas prices alone down $1.40.

Today’s report builds on previous economic data showing the strength and resiliency of our economy:

  • The most recent jobs report showed 236,000 jobs added to the U.S. economy, bringing the total since President Biden took office to 12.6 million.
  • The U.S. has regained all jobs lost during the pandemic and created 3 million more.
  • Overall unemployment is near a 50-year low at 3.5%, with Black unemployment at a record low.
  • Since President Biden took office, over $435 billion in private sector investments have been made here at home to create a generation of good-paying manufacturing jobs across the country. 

In sharp contrast, Republicans in Congress are threatening to wreak havoc on our economy, raise costs, and kill millions of jobs with chaotic default:

  • They want to repeal the Inflation Reduction Act’s cost-saving provisions – an action that would raise the cost of health care, prescription drugs, energy bills, and more.
  • They want to derail historic manufacturing investments, sending hundreds of thousands of good-paying jobs overseas.
  • And they’ve threatened to cut funding for health care and Medicaid, law enforcement and public safety, education and veterans, border security, and national security.

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Building Back Together (BBT) is a 501(c)4 nonprofit organization that serves as a messaging and organizing hub for national and in-state allies to advance the legislative agenda of the Biden-Harris Administration. BBT works alongside our partners to educate communities across the country about how the Biden-Harris agenda impacts their lives – by creating good-paying union jobs, lowering costs, and fueling economic growth – and contrasting these legislative accomplishments with the harmful plans of Republicans in Congress.