Statement by National Economic Advisor Lael Brainard on the August Consumer Price Index

Today's report shows that we are turning the page on inflation, which has fallen to 2.5%, close to the level the month before the pandemic started. With inflation coming back down close to normal levels, it is important to focus on sustaining the historic gains we have made for American workers during this recovery.

The President and the Vice President are fighting to lower costs, expand opportunities, and grow the middle class. That means creating jobs and supporting small businesses in communities across the country. It means cutting taxes for middle class families and hardworking Americans, while asking billionaires and large corporations to pay their fair share to reduce the deficit. And it means making housing, health care, and prescription drugs more affordable. Congressional Republicans would raise costs by nearly $4,000 per family while cutting taxes for the ultra-wealthy. While the President and Vice President fight for the future, Congressional Republicans would drag us backward.