A fact check from USA Today clarifies Biden's claims:

Biden touted six straight months of slowing inflation, arguing that his policies are helping tame what has been the top domestic challenge of his presidency.

The president is correct that inflation is trending downward. Yet there are nuances.

Consumer prices were still up 6.5% in December from a year earlier:  Prices are trending down but Americans are still facing historically high costs of living. One household staple, eggs, cost 60% more than a year ago.

Cost of living is high: Families are still struggling to pay high energy bills along with other rising costs for essential goods, like food and rent, that are increasing at a faster rate than the overall rate of inflation. Grocery prices rose 10.4% annually in December and rent rose about 7.5%, while overall inflation increased by 6.5%.

Of course, I've never heard a president give a SOTU address in which he didn't try to spin his performance in the most positive light possible. Grabbing onto a statistic that supports their supposed good work as a leader is as universal as it is misleading.

Perhaps giant corporations are facing less inflation, but the average American is still struggling to make ends meet. Our reality is quite different than the one reported in that speech, no matter how much it's repeated that everything is just fine.