President BidenJoe BidenMcConnell: Rounds ‘told the truth’ about 2020 election, Abrams thanks Biden for speech in Georgia, backs call for Senate rules change Overnight healthcare – Biden officials heat up during the Senate MORE hearing said Wednesday that the latest inflation data shows his administration “is making progress in slowing the rate of price increases,” but acknowledged that more work is needed to reduce costs for American families.
“Today’s report – which shows a significant reduction in headline inflation compared to last month, with lower gasoline and food prices – shows that we are making progress in slowing the rate of price increase,” Biden said in a statement Wednesday. “At the same time, this report highlights that we still have work to do, with price increases still too high and family budgets tightened.”
New data from the Labor Department showed consumer prices rose 7% in December from the same month a year earlier, the fastest rise since 1982. were reported in the categories of shelters, used cars and trucks.
But the report showed inflation rose 0.5% in December from November, a lower rate than the previous two months. The White House has highlighted this statistic a sign that the rate of price increases is beginning to slow.
Food prices rose less than in previous months and gas and natural gas costs fell, the data showed.
The new data, while expected, poses a challenge for Biden. The president celebrated job gains as evidence of a strong economic recovery even amid an ongoing coronavirus pandemic, but struggled to assuage Americans’ concerns about the soaring cost of goods. Republicans, meanwhile, are trying to make inflation a major issue in the upcoming midterm elections.
“Inflation is a global challenge, appearing in virtually every developed country emerging from the pandemic economic crisis,” Biden said in the statement Wednesday. “America is blessed with one of the fastest growing economies, thanks in part to the US bailout, which allows us to weather price hikes and maintain strong and sustainable economic growth. This is my goal and I strive to achieve it every day.”
The Biden administration has taken steps to ease supply chain bottlenecks at ports and trucks to reduce costs
Appearing on CNN Wednesday morning, a member of the White House Council of Economic Advisers Jared BernsteinJared BernsteinAnnual inflation hits highest level in 30 years cited the drop in unused containers at ports and a decrease in shipping costs as evidence that the administration’s efforts are paying off.
In November, Biden also authorized the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve to combat high energy costs.
White House officials pushed for passage of Biden’s sweeping climate and social policy bill, Build Back Better, to help reduce health care, child care and other costs for American families.
The bill is currently stalled in the Senate, however, and there is no clear path for legislation.