President Joe Biden is adamant "Bidenomics" is working despite annualized inflation ticking up to 3.2%, the first increase in a year.

The economy remains strong, Biden wrote in a statement Thursday morning after the Labor Department released its July consumer price index report.

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"Annual inflation has fallen by around two-thirds since last summer, and inflation outside of food and energy has fallen to its lowest level in any three-month period since September 2021," the president said. "We’ve made this progress while maintaining the broad strength of our economy: unemployment remains near record lows, a higher share of working-age Americans are working now than in 20 years, real wages for the average American worker are growing and are higher than they were before the pandemic — with lower-wage workers seeing the largest gains."

"We’re growing the economy from the middle out and bottom up, lowering costs for hardworking families, and making smart investments in America: that’s Bidenomics," he added.

Biden has been in Arizona, New Mexico, and Utah this week to promote the Inflation Reduction Act, his signature social and climate spending law, before its first anniversary next Wednesday.

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Republicans reacted to the report by highlighting the cumulative impact of inflation even as numbers have trended down. "Since Biden took office, prices are up by 16.9% and real wages are down by about 3%," Republican National Committee spokesman Jake Schneider said. "That’s bad news for Americans, who already have little faith in Biden’s ability to handle the economy with competence."

Monthly inflation was 0.2%, and “core inflation,” which excludes food and energy prices, was 4.7% in the year ending in July.