“Inflation is up. It’s up,” President Biden told a gathering in Culpeper, Virginia on Thursday, the same day the Bureau of Labor Statistics announced that inflation is running at a 40-year high, led by increases in food, electricity, and shelter.

Biden was in Culpeper to discuss his plan to lower prescription drug prices. But in what he called a “slight digression,” he discussed the rising cost of daily living, including gasoline prices.

“And look, the fact is that we’re in a situation now where, you know, you should have peace of mind,” Biden said.