President Joe Biden conceded Thursday that December’s inflation report shows that the administration must do more to lower costs and cautioned that Republicans taking the White House instead would raise prices for households.

The December Consumer Price Index featured both month-to-month and year-over-year inflation clocking in above projections. Monthly inflation increased by 0.3% while yearly inflation rose by 3.4%, compared to estimates of 0.2% and 3.2% respectively. The report comes as the Federal Reserve weighs future rate increases following nearly three years of hikes.

The bulk of the increase could be attributed to rising energy and housing costs. Gas prices rose 0.2% after sliding across the fall of 2023, while housing costs accounted for roughly half of the increase in core inflation, which factors out volatile energy and food prices.

Inflation rates had gradually fallen for much of 2023, and Biden opened his Thursday morning statement by touting the general inflation trend the country saw across the past year.

“We ended 2023 with inflation down nearly two-thirds from its peak and core inflation at its lowest level since May 2021,” the president wrote. “Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market have remained strong. The economy has created more than 14 million jobs since I took office, and wealth, wages, and employment are higher now than under my predecessor.
 
“But there is much more work to do to lower costs for American families and American workers,” he continued. “That’s why I’m taking action to bring down the price of insulin, prescription drugs, and energy, eliminating hidden junk fees companies use to rip you off, and calling on large corporations to pass on savings to consumers as their costs moderate.”

Biden concluded by warning of the costs “extreme Republicans” would force on households should they take control of the government in the coming election.

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“Make no mistake: extreme Republicans have no plan to lower costs for families — none,” Biden wrote. “Their only plan is to hand out massive giveaways to the super wealthy and big corporations. They’ve locked arms with Big Pharma and Big Oil to try to stop us from lowering prescription drug costs and utility bills. They’re doing everything in their power to allow Big Banks to keep charging you steep hidden fees. And they still haven’t given up their fight to cut Social Security, Medicare, and Medicaid. I will not let them.”

The president continues to score poor marks with voters regarding his stewardship of the economy. According to the RealClearPolitics polling average, just 37.9% approve of Biden’s handling of the economy, and he trails former President Donald Trump, the likely Republican presidential nominee, in a head-to-head rematch.