New Delhi: President Joe Biden said that despite experiencing the fastest inflation in almost 40 years in November, US price increases slowed, especially for gasoline and cars.
“Today’s figure reflects the pressure faced by the economy around the world when we emerge from global pandemics – prices rise,” Biden said after the Labor Department report showed an annual increase of 6.8% in the consumer price index in November.
“But developments within a few weeks after this data was collected last month showed that price increases and costs slowed, although not as fast as we wanted,” he said.
Gauge inflation rose 0.8% from October, slightly exceeded estimates, but the annual CPI number – the fastest inflation experienced by the nation since 1982 – in line with expectations.
Biden said that “half of the price increases in this report were cars and energy costs from November” and since then, prices have begun to slide in both sectors.
“Even with this progress, the price increase continues to extort the family budget,” he said.
“We make progress on challenges related to the pandemic with our supply chain which makes it more expensive to get goods on the shelf, and I hope more progress in the coming weeks.” He asked Congress to pass the “wake up” legislation “, the expenditure package for climate and social priorities was added with a tax increase.