President Joe Biden says Thursday’s positive inflation report, which showed prices cooling in December, validates his economic stewardship and should cause House Republicans to reconsider their agenda.
Biden spoke to reporters shortly after consumer price index data showed that annual inflation fell from 7.1 percent in November 2022 to 6.5 percent in December. According to the report, prices fell 0.1 percent overall in December after rising 0.1 percent in November.
The Labor Department reported Thursday that inflation ended 2022 in a modest decline, with consumer prices falling in December for the first time since the pandemic began.
The consumer price index, which measures the cost of a wide range of goods and services, fell 0.1% for the month, as predicted by Dow Jones. This was the largest month-over-month drop since April 2020, when much of the country was on lockdown due to Covid.
Policymakers are debating how far they can go with interest rate hikes to slow the economy and contain inflation. So far, the Fed has raised its benchmark borrowing rate by 4.25 percentage points, raising it to its highest level in 15 years. Officials have stated that the rate is likely to exceed 5% before they can assess the impact of policy tightening.
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Watch President Joe Biden signs into law the Bipartisan Safer Communities Act gun safety bill
