Latest News

Biden Says Inflation ‘Slowing’ After Hitting 39-Year High

0
Economy34 minutes ago (Dec 10, 2021 16:02)

2/2
© Bloomberg. U.S. President Joe Biden speaks on the passage of the Bipartisan Infrastructure Deal in the State Dining Room of the White House in Washington, D.C., U.S., on Saturday, Nov. 6, 2021. The House on Friday passed the biggest U.S. infrastructure package in decades, marking a victory for President Biden and unleashing $550 billion of fresh spending on roads, bridges, public transit and other projects in coming years. Photographer: Al Drago/Bloomberg

2/2

(Bloomberg) — President Joe Biden said that despite experiencing the most rapid inflation in almost 40 years in November, U.S. price increases are slowing, in particular for gasoline and cars.

“Today’s numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic — prices are rising,” Biden said in a statement after a Labor Department report showed a 6.8% annual gain in the consumer price index in November.

“But developments in the weeks after these data were collected last month show that price and cost increase are slowing, although not as quickly as we’d like,” he said.

The inflation gauge rose 0.8% from October, slightly exceeding forecasts, but the annual CPI figure — the most rapid inflation the nation’s experienced since 1982 — was in-line with expectations.

Biden said that “half of the price increases in this report are in cars and energy costs from November” and that since then, prices have begun to slide in both sectors.  

“Even with this progress, price increases continue to squeeze family budgets,” he said. “We are making progress on pandemic related challenges to our supply chain which make it more expensive to get goods on shelves, and I expect more progress on that in the weeks ahead.”

He called on Congress to pass his “Build Back Better” legislation, a package of spending on climate and social priorities coupled with tax increases that he has portrayed as combating inflation by including policies intended to lower families’ costs for prescription drugs, child and elderly care and other services.

©2021 Bloomberg L.P.

Biden Says Inflation ‘Slowing’ After Hitting 39-Year High

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

UK’s Johnson sees his popularity drop to all-time low – poll

Previous article

Brexit Britain lags behind in G7 goods trade rankings

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News