President Joe Biden has embraced June's annual inflation rate of 3%, a sizable turnaround from the 9.1% rate 12 months ago, as he promotes his economic policies on the campaign trail.

"Good jobs and lower costs. That’s Bidenomics in action," Biden said Wednesday. "Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong."

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The Labor Department's finding that annual inflation fell by a full percentage point last month means the yearly rate has decreased in every consumer price index report since last June, according to Biden. The Bureau of Labor Statistics June reported the smallest increase in annual inflation since March 2021, though “core inflation,” which excludes food and energy prices, remains at 4.8%.

"We’ve made this progress while unemployment remains near record lows and a higher share of working-age Americans are in jobs now than in 20 years," Biden said. "Real wages for the average American worker are now higher than they were before the pandemic, with lower-wage workers seeing the largest gains.

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"Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day," he added. "I ran for office to grow the economy from the middle out and bottom up, not the top down. That’s exactly what we’re doing."

The Federal Reserve is scheduled to meet later this month to discuss whether to revise interest rates again after declining to do so for the first time this cycle in June.