(Trends Wide) — President Joe Biden said Wednesday that new inflation statistics showing US prices are rising more than they have been in 30 years are proof that there is “more work to be done before our economy returns to normal.”
“Inflation hurts the pocketbook of Americans, and reversing this trend is one of my top priorities,” Biden said in a statement released by the White House.
Despite the strong economic rebound in recent months, with record job growth, rising wages and a rising stock market, many Americans have a negative sentiment about the state of the economy in the face of high gasoline prices. and other everyday products as the holiday season approaches. A Trends Wide poll released this week shows that more than a third of Americans say the economy is the most pressing problem facing the country, and 52% of Americans disapprove of the work Biden is doing as president.
Consumer price inflation in the United States rose again in October, the Bureau of Labor Statistics reported Wednesday. In the last 12 months, prices rose 6.2%, the largest increase since November 1990.
Excluding food and energy prices, which tend to be more volatile, the index rose 4.6% in the same period, the largest increase since August 1991. The general price index rose 0.9% Only in October, adjusted for seasonal variations, much more than the 0.6% predicted by economists and which overshadows the somewhat more moderate increase of 0.4% in September.
Excluding food and energy, prices rose 0.6% last month, more than in September.
“Most of the price increase in this report is due to rising energy costs, and in the few days since the data for this report was collected, the price of natural gas has dropped,” said Biden. in the statement. “I have instructed my National Economic Council to find ways to try to further reduce these costs, and I have asked the Federal Trade Commission to respond to any market manipulation or price fraud in this sector.”
He continued: “Other price hikes reflect the current struggle to restore the economy to good function on the resumption: I am traveling to Baltimore today to emphasize how my infrastructure bill will lower these costs, reduce these bottlenecks and make the goods are more available and less expensive. And I want to reiterate my commitment to the independence of the Federal Reserve to control inflation and take the necessary measures to combat it. “
In the port of Baltimore on Wednesday, Biden will highlight provisions in the recently approved bipartisan infrastructure plan aimed at alleviating supply chain problems at ports that could help ease inflation. Biden has yet to sign the bill, but the White House has signaled that he will do so in a ceremony when Congress returns from recess next week.
In his statement, Biden reiterated his calls for Congress to pass his broad economic and climate agenda and highlighted the six-week decline in new jobless claims.
“We are making progress in our recovery. Employment has risen, wages have risen, home values have risen, personal debt has dropped and unemployment has dropped,” Biden said. “We have more work to do, but there is no question that the economy continues to recover and is in much better shape today than it was a year ago.”
