President Joe Biden welcomed the November consumer price index Tuesday at the White House, suggesting the current inflationary run is stabilizing.
The Bureau of Labor Statistics report published Tuesday morning showed annual inflation slowing to 7.1% in November, outpacing the projected 7.3%. Tuesday’s figures marked a six-tenths of a point decrease compared to the previous month, the sharpest decline in the past year. Core inflation, which factors out food and energy prices, also dropped to 6% in November.
INFLATION DROPS TO 7.1% IN LATEST SIGN OF RECOVERY — BUT ‘STILL TOO HIGH’
Biden specifically highlighted decreased gas and food prices, noting that the price of unleaded gas is now lower than before the outbreak of war in Ukraine.
“This is welcome news for families across the country as you get ready for your holiday celebrations and family dinners,” the president stated.
“Prices are still too high. We have a lot more work to do, but things are getting better,” Biden declared. “What is clear is my economic plan is working, and we’re just getting started.”
Still, critics maintain that Biden and Democrats should be doing more to actively decrease prices.
“It’s important to remember that prices are still rising. Inflation remains too high and the Fed remains nervous. Even as prices moderate, they’re still much higher than pre-COVID levels,” Victor Claar, associate professor of economics at Florida Gulf Coast University, told the Washington Examiner. “While consumer prices are moderating, the Fed can’t relax because of persistent tightness in the labor market.”
“As a result of Democrats’ reckless spending, Americans will pay more this year to put gifts under the tree, heat their homes, and feed their families,” Republican National Committee chairwoman Ronna McDaniel added in a statement. “Democrats don’t care about the burden their agenda has placed on families.”
As he was leaving the room, the president briefly addressed a question about when Americans could expect the current inflationary run to end.
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“I hope by the end of next year. We’re much closer, but I can’t make that prediction,” the president stated. “I’m convinced they’re not going to go up. They’re going to go down.”
You can watch Biden’s remarks in full below.
