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The monthly reading came in at 0.6%, matching forecasts, while the core annual reading also met expectations, easing to 4.3% from 4.7% in July.

As expected, the official report noted that "the index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase." The energy index rose 5.6% in the month, as all major energy component indexes increased.  Additionally, the shelter index rose for the 40th consecutive month.

In July, Biden said “Good jobs and lower costs: That’s Bidenomics in action,” Mr. Biden said in a statement.

he added: “Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong,” Mr. Biden said in the statement. “Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day.”

In July, Yellen said a recession was not off the table.