Biden says administration 'making progress' slowing rate of price increases
By Morgan Chalfant - 01/12/22 12:17 PM EST
President Biden said Wednesday the newest data on inflation shows his administration is “making progress in slowing the rate of price increases” but acknowledged more work is needed to lower costs for American families.
“Today’s report—which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases,” Biden said in a statement Wednesday. “At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets.”
New data from the Labor Department showed that consumer prices increased 7 percent in December from the same month a year earlier, representing the fastest increase since 1982. The largest price increases were reported in the categories of shelter, used cars and trucks.
But the report showed inflation increased 0.5 percent in December over November, a lower rate than the two previous months. The White House has highlighted that statistic as a sign that the rate of price increases is starting to ease.
The price of food increased less than in previous months and costs of gas and natural gas declined, according to the data.
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https://thehill.com/policy/finance/589385-biden-says-administration-making-progress-slowing-rate-of-price-increases
