President Joe Biden defended his economic credentials, despite data underscoring the annualized rate of inflation has increased during the last two months.

Biden emphasized how core inflation, excluding more volatile food and energy prices, is "trending down toward pre-pandemic levels at a time when employment remains strong." The consumer price index rose by 0.6% in August, the largest increase this year, and 3.7% compared to 12 months ago. The core CPI rose by 0.3% and 4.3%, respectively.

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"Unemployment has remained below 4% for 19 months in a row, the share of working age Americans with a job is the highest in 20 years, and real wages are higher now than they were before the pandemic," Biden said Wednesday in a statement.

Biden did acknowledge that gas prices were once again putting "a strain on family budgets." The national average cost for a gallon of gas is $3.85, according to AAA. That is a 5-cent increase in a week, but a 14-cent difference in contrast to August 2022.

"That’s why I remain laser-focused on cutting energy costs, including by investing in clean energy to bolster our energy security," the president said. "We’re continuing to build an economy from the middle out and bottom up, with better jobs and lower costs — even as Republicans in Congress push for tax cuts for the wealthy and large corporations and devastating cuts to programs hard-working Americans count on."

Republicans, such as Republican National Committee aides, criticized Biden, contending the public is "still struggling financially" and mocking the president for his so-called Bidenomics policies.

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"Inflation is back on the rise — that’s Bidenomics!" RNC spokesman Jake Schneider said. "The Biden administration has been wrong about inflation since the very beginning. They’re not going to change course now."

Biden's average economic approval-disapproval is a net negative 21 percentage points, 38%-59%, according to RealClearPolitics.