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On Wednesday, President Joe Biden defended his economic policies by explaining that the 9.1% annual inflation figure is “out of date” due to a recent dip in gas prices.

One of the reasons why Biden’s popularity rating is low is due to rising consumer prices.

As prices are soaring at a rate not seen in 40 years, Biden pointed to some hopeful signs that they might be peaking.

“Today’s inflation reading is unacceptably high. It is also out-of-date,” the president said in a statement.

Biden said prices at the pump had declined sharply for three weeks, along with prices for commodities like wheat that drive other prices higher.

“Those savings are providing important breathing room for American families,” Biden added.

Financial experts said despite the statement from Biden, there was little chance of sugar coating the pain as surging prices for just about everything pushed U.S. inflation up to a new four-decade peak in June.

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