President Joe Biden admits that inflation is creating “stress” but predicts that it will ease “substantially” by the end of the year.
In a statement on Thursday, Biden touted historic job gains over the past year.
He continued, “On higher prices, we have been using every tool at our disposal, and while today is a reminder that Americans’ budgets are being stretched in ways that create real stress at the kitchen table, there are also signs that we will make it through this challenge.”
“While today’s report is elevated, forecasters continue to project inflation easing substantially by the end of 2022. And fortunately we saw positive real wage growth last month, and moderation in auto prices, which have made up about a quarter of headline inflation over the last year,” he added.
Finally, Biden said, “My administration will continue to be all hands on deck to win this fight. We will continue to rebuild our infrastructure and manufacturing, so we can make more in America and strengthen our supply chains here at home. We will continue to fight to lower costs in areas that have held back families and working people for decades, from prescription drugs to child care and elder care to their energy costs.”
Read the statement below:
President Biden statement on inflation report: pic.twitter.com/EVk93OQw4n
— Ahtra Elnashar (@AhtraElnashar) February 10, 2022
His statement comes after the latest data from the Labor Department found that the consumer price index — a measure of the price of goods and services — rose 7.5% in January compared to last year which was higher than expected.
Compared to December, prices rose .06%.
As Fox News notes, “So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.”