Biden celebrates continued easing of inflation

PResident Joe Biden It was a great news to see that inflation is down Continued easingAccording to them, it is an indicator of economic progress.

Inflation The Bureau of Labor Statistics reported Tuesday that February’s rate of growth was 6%. This is good news as the Federal Reserve prepares to hold a meeting on monetary policy.

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“Today’s report shows annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low,” Biden stated this in a prepared speech. “That is the slowest annual increase since September 2021. I will continue working to lower costs for hard-working Americans so they have a little more breathing room at the end of the month.”

The eagerly awaited consumer price index numbers show that although inflation is too high, It is cooling As a response to Fed’s aggressive Interest rate hikes.

The month before, inflation was at 6.4%. After the June peak of 9.1%, Tuesday’s report marked seven consecutive months of declining annual inflation. The Fed’s target rate of 2% is the Fed’s target inflation rate. Inflation was 1.4% when Biden assumed office.

The president spoke out about the Silicon Valley Bank collapse Moreover, there are concerns about wider economic consequences.

“As I’ve long said, and as challenges in the banking sector remind us, there will be setbacks along the way in our transition to steady and stable growth,” Biden said. “But we face these challenges from a position of strength. More than 12 million jobs have been created since I took office and the share of working age adults in jobs or looking for work is the highest it has been in 15 years. We will continue to make progress in our fight to build an economy from the bottom up and middle out, not top down.”

Consumers are being hit hard by rising prices. Many households have found it difficult to cope with the rising cost of food. Over the past year, chicken prices have risen 8.8% while milk products have seen a 12.3% increase in price.

Next week’s Fed meeting will decide whether to raise interest rate. However, some are worried that if the Fed does increase rates again it could cause a recession. This is something Biden wants to avoid.

“I will do everything in my power to prevent us from going backwards on the progress we’ve made — including by standing up to Congressional Republicans who threaten economic catastrophe over the debt limit in order to secure tax cuts for the wealthy and large corporations and reckless cuts to critical programs that American seniors and families count on,” The president stated.

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The Republican National Committee Released its own statement stating that Biden is only to blame.

“Biden was warned about his wasteful spending,” Tommy Pigott, spokesperson for the RNC, said so. “He forced it through anyway. Now, we are living with the consequences.”