President Joe Biden is pleased with the latest May Consumer Price Index report, as it indicates positive developments for hardworking families. The report highlights ongoing progress in addressing inflation while maintaining historically low unemployment rates. Annual inflation is currently at its lowest level since March 2021, marking a significant decrease compared to last June. This positive trend follows a period of rapid increases in gas and grocery prices due to the conflict in Ukraine. Over the past 11 months, inflation has consistently declined.

President Biden emphasizes the effectiveness of his plan, which was introduced a year ago, aimed at reducing the cost of living and fostering stable economic growth. Actions have been taken to address the rising costs of gas, prescription drugs, and health insurance premiums. Simultaneously, the unemployment rate has remained below 4 percent for an extended period, resulting in wage gains for workers even after accounting for inflation. The labor force has seen increased participation, surpassing levels seen in previous decades. Moreover, the recent bipartisan agreement brokered by President Biden protects the progress made in the economy and reduces deficits by nearly $1 trillion over the next decade.

President Biden asserts that this is just the beginning, as his Investing in America agenda focuses on revitalizing domestic infrastructure, manufacturing, and supply chains, which will contribute to the creation of well-paying jobs. Under his administration, private sector companies have invested over $470 billion in manufacturing, positioning the United States as a leader in critical industries such as semiconductors and clean energy. President Biden's optimism about the future is evident, as he believes that the nation's best days are yet to come.