President Highlights Progress as Inflation Rates Decline for Fifth Consecutive Month
President Joe Biden announced on Tuesday that his economic policies are yielding positive results as the inflation rate continues to decrease for the fifth month in a row. Speaking from the White House, he emphasised that the current trend in the US stands in stark contrast to many global economies experiencing significant price increases.
“In a world where inflation is rising at double digits in many major economies, inflation is coming down in America,” Biden stated.
The Bureau of Labor Statistics reported a modest inflation rise of only 0.1% in November, following a 0.4% increase in October. Over the past year, inflation has climbed 7.1%, marking the smallest annual increase since December 2021. While food prices increased by 0.5 points last month, the energy index saw a notable drop of 1.6%, driven by declines in the costs of gasoline, natural gas, and electricity.
Biden acknowledged that prices remain elevated and stressed the need for further work to return them to pre-pandemic levels. However, he expressed optimism, asserting that “things are getting better” and the economy is “headed in the right direction.”
The president pointed out that key inflation categories, including gasoline and food prices, have seen reductions, providing Americans with relief at the pump compared to prices from a year and a half ago. He described the slowing inflation of food prices as “welcome news for families across the country” as they prepare for holiday gatherings.
Biden credited his economic strategy, which focuses on growth from the bottom up and middle out, with contributing to job creation, noting that over 10 million new jobs have been added during his administration.
“Today’s news gives me another reason to be optimistic about the future. We’re building a better America and our economy from the bottom up and the middle out, not the top down,” he said. “When the poor have a shot, the middle class does well, and the wealthy always do very well. We just have to keep going.”
