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Biden welcomes the news of slowing inflation… “The fight against inflation is progressing”

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US President Joe Biden emphasized that inflation is showing signs of calming down last month, as the price index showed a slowdown.

President Biden said in a statement on the 12th (local time), “The March Consumer Price Index (CPI) report released today shows continued progress in the fight against inflation, at the lowest level since May 2021.”

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The U.S. Department of Labor announced on the same day that the CPI in March rose 5.0% year-on-year, down 1.0 percentage point from 6.0% the previous month. While still well above the Fed’s target of 2%, the pace of growth appears to be slowing compared to the 9.1% growth seen in June of last year.

President Biden said, “This progress follows the news last week that our job market remains historically strong,” and “inflation is now down 45% from its summer high.”

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“Gasoline prices fell more than $1.40 from last summer, and food prices fell for the first time since September 2020,” he said. there is,” he said.

“Inflation is still too high, but this progress is giving hard-working Americans a breather, with higher wages than nine months ago,” he said.

“The government continues to fight to lower household costs,” said President Biden. action is included,” he said.

“My ‘Invest in America’ agenda is to bring good jobs across America and build a stronger, more dynamic economy for the long term,” he said. We need to build on this progress through policies for this.”

President Biden said, “We are holding our economy hostage to reduce taxes on the rich and big corporations, undoing failed trickle-down policies that sent jobs overseas, and eliminating programs designed to lower costs for middle-class and hard-working Americans. We must reject his reckless offer.”

Source: Donga

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