Inflation Falls For Seventh Straight Month As President Biden’s Economic Plan Continues To Deliver Lower Costs

FOR IMMEDIATE RELEASE: February 14, 2022
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WSJ: January CPI Report Shows Annual Inflation Cooled

WASHINGTON, D.C. — Today’s CPI report shows annual inflation cooling for the seventh straight month under President Biden’s leadership. This report adds to the pile of evidence showing that his economic policies are lowering costs for working families and building an economy from the bottom up and the middle out. Not only is inflation falling, but under President Biden’s leadership, 12 million jobs have been created, we have the lowest unemployment rate in 53 years, wages are up, and manufacturing jobs are coming back from overseas.

“Since day one, tackling inflation has been President Biden’s top economic priority,” said Building Back Together Executive Director Danielle Melfi. “He’s taken action to lower the cost of essentials like health care and eliminate junk fees to save families money. Not only is the president going to keep fighting to bring down prices, but he’s going to stand firm against extreme MAGA proposals that would raise costs, gut essential programs like Medicare and Social Security, and threaten the full faith and credit of the United States. President Biden made it clear: he will not allow Republicans to undo the historic progress we’ve made or cut programs Americans have paid into for decades.”

Today’s CPI report, which shows inflation at its lowest level since October 2021, builds on previous economic data showing the strength and resiliency of our economy:

  • The most recent GDP report exceeded growth expectations.
  • Gas prices are down more than $1.50 from their peak.
  • The most recent jobs report showed 517,000 jobs added to the U.S. economy, bringing the total since President Biden took office to over 12 million jobs created, with average hourly wages increasing by 4.4%.
  • Unemployment is at its lowest level in 53 years, including near-record low unemployment for Black and Latino Americans and record low unemployment for those with disabilities.

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

  • The law lowers health insurance costs for 13 million Americans by an average of $800 a year under the Affordable Care Act. 
  • Last month, HHS laid out their plan to negotiate cheaper prescription drug costs for Medicare recipients thanks to the Inflation Reduction Act.
    • In addition to these savings, Medicare Part D recipients now have their monthly insulin costs capped at $35.
    • All recommended vaccines for adults are free of charge for those enrolled in Medicare Part D.
  • The law also 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.
    • Families who buy a new EV made in the U.S. can get a tax rebate of up to $7,500 – up to $4,000 for a used electric vehicle.
    • And families can get a 30% rebate for home energy improvements to save them money while fighting climate change.