Statement on the Bureau of Economic Analysis Report on Personal Consumption Expenditures for July

Last month, incomes were up, and overall prices were down; that's according to an important measure of inflation, which showed prices actually came down nationwide last month. In other words, while the price of some things went up, the price of other things went down by even more. The American people are starting to get some relief from high prices, and the Inflation Reduction Act that I signed last month will also help bring prices down.

Gas prices decreased every day this summer, the fastest decline in over a decade. And today's report showed that personal income was up last month as well.

We have more work to do. We have to help families who have been squeezed by decades living paycheck to paycheck. But today confirms that our economic plan is building the economy from the bottom up and the middle out and we are making progress.