President Biden on Tuesday gave remarks about the economy following the release of July's CPI report, a key measure of inflation.
The inflation rate slowed to 8.5% on an annual basis, compared with June's 40-year high of 9.1%.
Though the rate slowed, it still represents a huge increase from the time President Biden took office.
In a speech following the report, however, Biden claimed, "Our economy had 0% inflation in the month of July."
"We just received news that our economy had 0% inflation in July," reaffirmed Press Secretary Karine Jean-Pierre on Twitter. "Real wages went up for the first time in almost a year. But we know we have more work to do."
Yet, food prices still rose by more than 1%, while housing costs rose half a point.
Much of the difference could be attributed to falling gas prices, which have dropped by nearly a dollar per gallon over the past month to a national average of $4.08.
Experts were expecting a rate of 8.7%, and stocks rose following the better-than-expected news.
The Federal Reserve is expected to hike interest rates at their next meeting in September and will weigh the CPI report in their decision.