U.S. President Joe Biden touted the latest inflation report in his opening remarks at his much-anticipated personal press conference in Washington on Thursday.
“Just this morning, we released an excellent economic report showing a decline in inflation,” he said. “Overall, prices fell last month. Core inflation reached its lowest level in three years.”
The U.S. Department of Labor reported Thursday morning that the consumer price index fell 0.1% in June from May. It was the first time monthly inflation fell in more than four years.
“The prices of cars, appliances and plane tickets are falling. Grocery prices have dropped since the beginning of the year,” the president said. “We will continue to work hard to eliminate corporate greed to further reduce prices.”
Biden then criticized the economic policies proposed by former President Trump, which included a 10% baseline tariff on all U.S. imports.
“At the same time, Trump is calling for a 10% tariff on everything Americans buy, including food, vegetables and other essential goods from overseas,” he said. “Economists tell us this will cost the average American working family $2,500 more per year.”
The news conference is a high-stakes event for the president, who has been facing calls to drop out of the 2024 race after a strong performance in his first debate with Trump last month.
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