Statement by National Economic Advisor Lael Brainard on October 2024 PCE and Third Quarter 2024 GDP

Today's data show inflation has fallen to 2.3%, similar to the level before the pandemic, while our economy has continued to expand by nearly 3% per year. After a hard-fought recovery, we are making progress for working families. Gas prices are close to $3.00 per gallon—the lowest for any Thanksgiving week since the pandemic—and the cost of a Thanksgiving meal has fallen two years in a row, providing needed relief during the holidays. Household incomes are up almost $4,000 more than prices during this Administration. Let's build on this progress and lower costs for key items like housing and medicine, and not squander it with sweeping policies that would raise prices for working families.