Inflation Falls For Fifth Straight Month As President Biden’s Economic Plan Delivers For Working Families

FOR IMMEDIATE RELEASE: December 13, 2022
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Bloomberg: US Core CPI Posts Smallest Monthly Increase in More Than a Year

WASHINGTON, D.C. — Today’s CPI report showed annual inflation has fallen for the fifth straight month, giving working families across the country more breathing room in their budgets. Gas prices have dropped more than 50 cents in the last 30 days alone, and are now below where they were before Putin’s invasion of Ukraine. Along with prices coming down, GDP and job growth are strong, manufacturing is booming, unemployment is near a 50-year low and wages are on the rise, showing the strength and resilience of the U.S. economy under President Biden’s leadership.

“We’re seeing historic progress in the fight to lower costs, including the cost of gas, giving working families relief heading into the holiday season,” said Building Back Together Executive Director Danielle Melfi. “This report underscores what we’ve seen consistently in recent data: the president’s plan to build our economy from the bottom up and the middle out is working. In the coming months, the president’s policies will continue to deliver lower costs as health care and prescription drug savings in the Inflation Reduction Act kick in this January.”

Today’s CPI report builds on other recent data showing the strength and resiliency of the U.S. economy under President Biden’s leadership.

  • The most recent GDP report exceeded growth expectations, showing the resilience of our economy.
  • Gas prices have dropped to their lowest levels since February – before Putin’s unprovoked invasion of Ukraine – and the most common price nationwide is $2.99 per gallon.
  • The most recent jobs report showed 263,000 jobs added to our economy and wages on the rise.
  • Consumer spending has increased as inflation is easing heading into the holiday shopping season.

The Inflation Reduction Act President Biden signed is bringing down the cost of essentials like health care, prescription drugs, and energy bills:

  • Beginning in January, this historic legislation will make prescription drugs cheaper by allowing Medicare to negotiate lower prices and capping out-of-pocket costs at $2,000 annually for Medicare recipients.
  • It will lower health insurance costs for 13 million Americans by an average of $800 a year under the Affordable Care Act. 
  • And it saves families an average of $300 a year on their energy bills – while boosting manufacturing of clean energy like wind and solar here at home.