WATCH: Biden downplays inflation crisis despite massive consumer price increases

"Before I begin, let me say a few words quickly about today’s report on inflation," said Biden. "Americans are squeezed by the cost of living. It’s been true for years and folks don’t need to read a report to tell them they’re being squeezed."

Despite Biden’s claims that Americans have felt the "squeeze" on inflation for "years," the Biden Administration has been marked with record high inflation, numbers not seen since the 1980s in most moony reports.

"Fighting this battle every day is a key reason why I ran for President of the United States," said Biden.

He later continued on to state, "a lot of people are hurting these days, and today’s report shows some progress. Overall, inflation was 2 percent over the last three months. That’s down from 11 percent over the prior three months."

In September, inflation rose by 0.4 percent, bringing the 12-month inflation rate to 8.2 percent, according to the Bureau of Labor Statistics.

While items like gasoline, fuel oil, used vehicles, and apparel fell, items like food electricity, natural gas and shelter rose.

In the last 12 months, all categories tracked by the BLS have risen, with food rising by 11.2 percent, gas by 19.8 percent, and fuel oil by a staggering 58.1 percent.

Inflation rose by 0.1 percent in August, remained unchanged in July, and rose by 1.3 percent in June, 1 percent in May, 0.3 percent in April, 1.2 percent in March, 0.8 percent in February, and 0.6 percent in January of 2022.

The highest year-over-year inflation rate was reached in June, at 9.1 percent.

"That’s progress, but a lot of it is the result of getting the cost of living at the gas pump down… now by more than a dollar nationally, and since the start of this summer, there’s a big difference for working folks. But the price of has is still too high."

While Biden celebrates gas prices falling by a dollar, gas prices are still up by roughly $1 per gallon since the beginning of his administration. Additionally, while the harshest spike experienced over the spring and summer is over, gas prices have begun to creep back up again in the last month, according to gas price analyzing app GasBuddy.