Statement by National Economic Advisor Lael Brainard on the September 2024 Consumer Price Index

Today's report shows inflation has fallen back down to 2.4%, the same rate as right before the pandemic. We keep making progress, with inflation returning to pre-pandemic levels, 16 million jobs created, lower interest rates, and low unemployment. Our economy has grown 3.2 % per year under the Biden Harris Administration—stronger than during the previous administration. Incomes are up almost $4,000, after adjusting for inflation. We are working around the clock to help the families affected by Hurricane Milton and Hurricane Helene recover and rebuild, supported by our strong and resilient recovery.

President Biden and Vice President Harris will keep fighting to lower costs—by building new homes to lower rents, capping prescription drug costs and reducing health insurance premiums, and lowering taxes for middle-class families—as Congressional Republicans keep pushing trickle-down economics that would raise costs by nearly $4,000 per family while cutting taxes for billionaires and big corporations.