United States President Joe Biden said in a statement on Wednesday that the latest inflation report represents "encouraging evidence" that consumer prices are declining while the country's economy "remains strong."
"Good jobs and lower costs: That’s Bidenomics in action," Biden stated. "Annual inflation has fallen each of the last twelve months and is now down to 3%. We've made this progress while unemployment remains near record lows and a higher share of working age Americans are in jobs now than in 20 years," he added.
Earlier, the US Bureau of Labor Statistics said that the annual inflation rate in the country fell from 4% in May to 3% in June and noted it stood at the lowest level since March 2021.
