The Consumer Price Index for October showed annual inflation falling to 7.7%, a full half-percentage point lower than in September. Core inflation, which factors out volatile food and energy costs, also fell to 6.3% on the year.
“Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation. My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength,” the president wrote.
On Wednesday, Biden stayed firm on his economic platform while speaking to reporters about Democrats’ strong results in the midterm elections, though during both his press conference and statement on Thursday he cautioned that “it will take time to get inflation back to normal levels,” and extended olive branches to Congressional Republicans on the issue.
“I will work with anyone — Democrat or Republican — on ideas to provide more breathing room to middle-class and working families,” he wrote Thursday morning. “I will oppose any effort to undo my agenda or to make inflation worse. We are on the right path — we need to keep moving forward to build an economy from the bottom up and the middle out.”
Biden spoke with House Minority Leader Kevin McCarthy (R-CA) by phone Wednesday evening, according to White House officials, and said he hoped to host any Republicans willing to “cooperate” on inflation and Ukraine aid after he returns to Washington from a weeklong trip overseas.