In a statement from the White House, President Joe Biden says that the US has made progress on inflation. The president notes that “annual inflation is down from the summer,” while noting unemployment remains at a 50-year low.
The inflation rate in the US remains a vital aspect of the economic state of the country. The Federal Reserve engaged in a year-long effort to combat raising rates, with much of the country suffering. Moreover, Biden’s sentiment arrives following various reports of the Federal Reserve’s Preferred gauge noting a rise in inflation in January.
Biden Speaks on US Inflation
The inflation rate in America has been a vital talking point for much of the past two years. Families in the country have struggled to cope, and the Federal Reserve has taken extreme measures to bring the rate back down. Subsequently, whether interest rate hikes should continue has dominated the discussion, with all eyes on inflation.
Now, in a statement released by the White House, President Joe Biden says that the US has made progress on inflation. Specifically stating that “annual inflation in January is down from the summer,” while noting increases in take-home pay and continued unemployment lows.
Additionally, Biden pointed to decreased gas prices, and the country’s current ability to “face global economic challenges from a position of strength.” Ultimately speaking on Republican efforts to repeal the Inflation Reduction Act, and his plans for American seniors and families.”
The statement comes amidst reports today noting that the Federal Reserve inflation gauge has increased in January. Furthermore, the Commerce Department reported consumer prices are up 0.6% from December to January, a rise from 0.2% from November to December of last year. On a year-over-year basis, all prices are up 5.4% from a 5.3% annual increase in December.