(Bloomberg) -- President Joe Biden sought to downplay a report showing higher than expected inflation in June, calling it “out of date” because of declining US gasoline prices.

Biden called inflation “unacceptably high”  in a statement but said that “today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices that have reduced the price at the pump by about 40 cents since mid-June.” 

“Those savings are providing important breathing room for American families,” Biden said in the statement, issued about one hour after the Labor Department’s report on consumer prices.

The consumer price index rose 9.1% from one year earlier, according to new Labor Department data, the largest increase consumers have seen since the end of 1981. The increase exceeded estimates of economists for the fourth month in a row.

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