This is one of the all-time classic exercises for the inner chest area. It's an exercise that should be a foundation of your chest routine if you're a beginner.
It's important to point out that the position of your arms affects how much impact this exercise will have on your inner chest. In other words, if you spread your elbows out too much you will be hitting your triceps more. The same is true if you tuck them in too close to your body. Thus, you need to make sure your arms are positioned properly.
Also, don't arch your back. This is cheating. It's important to execute this movement properly; it's not about loading the bar super-heavy and impressing people at the gym. It's about doing it right and getting the most optimal effect for the time and effort expended.