Statement from President Joe Biden on the March Consumer Price Index

Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families. Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago. I have a plan to lower costs for housing—by building and renovating more than 2 million homes—and I’m calling on corporations including grocery retailers to use record profits to reduce prices.

Fighting inflation remains my top economic priority. We’re making progress: wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment has remained below 4% for the longest stretch in 50 years. But we have more to do: my agenda is lowering costs for prescription drugs, health care, student debt, and hidden junk fees. Rather than proposing solutions for hardworking families, Congressional Republicans want to slash taxes for billionaires and big corporations, while helping special interests and Big Pharma raise prices. I won’t let them.

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