President Joe Biden on Thursday trumpeted the latest inflation report in the opening remarks of his highly anticipated solo press conference in Washington.

"Just this morning, we had a great economic report showing inflation is down," he said. "Overall, prices fell last month. Core inflation is the lowest it's been in three years."

The consumer price index dropped 0.1% in June from May, the U.S. Department of Labor reported Thursday morning. It is the first time the monthly inflation rate has declined in more than four years.

"Prices are falling for cars, appliances and airfare. Grocery prices have fallen since the start of the year," the president said. "We're going to keep working to take down corporate greed to bring those prices down further."

Biden then criticized former President Donald Trump's proposed economic policy, which includes a 10% baseline tariff on all U.S. imports.

"Meanwhile, Trump's calling for a 10% tariff on everything Americans buy, including food from overseas, vegetables and other necessities," he said. "Economists tell us that that would cost the average American working family another $2,500 a year."

The press conference was a high-stakes event for the president, who has been facing calls to drop out of the 2024 race after his performance last month at the first debate with Trump.