President Joe Biden enthusiastically greeted the October personal consumption expenditures price index as a sign his economic policies are delivering results for U.S. families.

The Bureau of Economic Analysis published the October PCE, the Federal Reserve's preferred inflation gauge, Thursday morning, which showed annual inflation cooling to 3%, the lowest rate in nearly three years.

CAN TRUMP MAKE OBAMACARE REPLACEMENT A RALLYING CRY FOR GOP AGAIN?

The consensus among economists was that PCE would clock in at 3% in October.

"Today, we learned that annual inflation fell to its lowest level since March 2021 and monthly inflation was zero," Biden wrote in a statement. "Alongside yesterday’s news that our economy grew by more than 5% last quarter, this flat inflation is helping deliver the breathing room families need right now, especially around the holidays."

"Our actions have mended supply chains and helped bring inflation down to its lowest level in two years. But we still have more work to do: prices are still too high for too many families," he continued. "That’s why I’m fighting every single day and calling on corporations to lower costs for middle-class families, even as Republicans in Congress focus on lowering taxes for the wealthy and largest corporations."

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Biden's statement mirrored comments he made at CS Wind's wind turbine manufacturing facility in Pueblo, Colorado, on Wednesday. There, he accused the "extreme MAGA movement" of opposing his legislative spending packages and seeking to repeal Obamacare, raising costs on low and medium-wage households in the process.

"Donald Trump, and the MAGA Republicans here in Congress are committed to protecting outrageous tax cuts for those at the very top, and they're going to continue to oppose investing in all those programs that help people, whether it's in education, healthcare, whatever," he claimed.