Biden says his economic plan 'is showing results,' vows to fight inflation: 'We're on the right track'

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Inflation drops as consumer prices increase, according to October data

Sen. Marsha Blackburn, R-Tenn., reacts to how the Biden administration is looking to tackle inflation on ‘The Evening Edit.’

President Biden claimed his economic plan is working, as he released a statement Thursday evening to boast that Americans are "starting to feel" its impact.

"Folks, my economic plan is showing results. The people are starting to feel it," Biden said in a video shared on Twitter. "We're making progress on bringing down inflation without losing jobs."

He added: "Americans are already paying around $1.20 less per gallon of gas than they were this summer."

Gas prices were the highest ever recorded this summer and some experts attributed this to Biden’s discontinuation of domestic oil production and failure to allow oil companies to boost their supplies.

INFLATION HOLDS GRIP ON US ECONOMY IN OCTOBER AS PRICES REMAIN STUBBORNLY HIGH

U.S. President Biden in the State Dining Room, at the White House on November 09, 2022, in Washington, D.C.  (Samuel Corum/Getty Images / Getty Images)

"Folks are seeing a much-needed break in inflation at the grocery store as we head into the holidays. People are shopping for health insurance and [are] continuing to save $800 a year because of the actions we took," Biden added.

Economic reports from the month of October showed inflation cooled more than expected.

Consumer prices, however, remain near a multi-decade high, the burden of which continues to be mostly carried by U.S. households and small businesses who are forced to pay more for everyday necessities.

President Biden in the South Court Auditorium at Eisenhower Executive Office Building June 22, 2022, in Washington, D.C.  (JIM WATSON/AFP via Getty Images / Getty Images)

The Labor Department said in a consumer price index report on Thursday that the cost of groceries climbed 0.5%, putting the 12-month increase at 12.4%. Consumers are also continuing to pay more for items like cereal, bread, fresh fish and seafood, eggs and fresh vegetables including tomatoes and lettuce.

"And it’s going to take time to get inflation back to normal levels but we’re going to keep at it," Biden continued.

THE FED'S WAR ON INFLATION COULD COST 1M JOBS

Despite most voters claiming the country is on the wrong track, Biden claimed everything is going according to plan. He also said the economic forecast was looking up.

"We’re on the right track," he said. "We’re not losing jobs. In the meantime, I’m going to keep fighting to build an economy from the bottom up and the middle out."

President Biden in the State Dining Room of the White House February 4, 2022 in Washington, D.C.  (Win McNamee/Getty Images / Getty Images)

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The president’s message comes shortly after Tuesday’s midterm elections in which Democrats performed better than expected, and many Republicans underperformed. The majorities in the Senate and House still remain on the line as votes are counted in several states.

FOX Business’ Megan Henney contributed to this report.

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