President Joe Biden said Thursday that the index report of January consumer prices it’s a reminder that Americans’ budgets are under real pressure, adding that his government is using “every tool” it has to tackle the problem.
“We’ve been using every tool at our disposal, and while today is a reminder that Americans’ budgets are being stretched in ways that impact what they serve at their table, there are also signs that we will overcome this challenge.” Biden said in a statement.
The president added that the economic authorities projected that inflation will decrease towards the end of 2022. The president maintained that his administration’s policies had led to a decline in new unemployment benefit applicationswhich he described as a sign of “real progress”.
US consumer prices rose solidly in January, triggering the largest annual acceleration in inflation in 40 years, fueling financial market speculation of a 50 basis point interest rate hike by the Federal Reserve next month.