(NewsNation) — President Joe Biden put a positive spin on the U.S. economic outlook, speaking to a crowd near Los Angeles. But his remarks came after a brand new consumer price index report that made most economists a bit nervous about the state of inflation in the U.S..

“A lot of people are hurting these days, but today’s report shows some progress,” the president said. “Overall inflation was 2% over the last three months, that’s down 11 percent over the last three months. That’s progress, but a lot of it is a result of getting the cost of living, at the gas pump down.”

The new Consumer Price Index, or CPI, in fact, showed prices from this time last year were up 8.2 percent. That’s a slight dip from last month’s report, which showed an 8.3 percent uptick.

The takeaway is inflation is still stubbornly high and not improving like economists had hoped, signaling that price increases may not have even hit their peak yet.

The markets reacted negatively to the news as well.

Heading into the midterm elections, a recent NewsNation poll showed Biden’s approval rating improved slightly from last month from 43 percent to 46 percent, but 65 percent of respondents, which is nearly two-thirds of the total, told us inflation is their biggest issue.

The possibility that prices may actually rise might not bode well in these last few weeks for the president’s party before voters head out to vote in the 2022 midterms.