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White House. Statement from President Joe Biden on October PCE Report

Today, we learned that annual inflation fell to its lowest level since March 2021 and monthly inflation was zero.
Alongside yesterday’s news that our economy grew by more than 5% last quarter, this flat inflation is helping deliver the breathing room families need right now, especially around the holidays.
Our actions have mended supply chains and helped bring inflation down to its lowest level in two years. But we still have more work to do: prices are still too high for too many families. That’s why I’m fighting every single day and calling on corporations to lower costs for middle-class families, even as Republicans in Congress focus on lowering taxes for the wealthy and largest corporations.

NOVEMBER 30 2023 WHITE HOUSE WASHINGTON DC

What is a PCE report?

Personal Consumption Expenditures (PCE) includes a measure of consumer spending on goods and services among households in the U.S. The PCE is used as a mechanism to gauge how much earned income of households is being spent on current consumption for various goods and services.

SOURCE: WH.GOVMIDTOWN TRIBUNE USA NEWS

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