The January consumer price index report, released on Thursday, served as a reminder that the budgets of the Us citizens are under genuine strain, according to US President Joe Biden, who added that his administration was utilising “every instrument” at its disposal to address the issue.
“We’ve been utilising every tool at our disposal, and although today is a reminder that Americans’ budgets are being squeezed in ways that cause genuine stress at the dinner table,” Biden said in a statement.
Biden also stated that economists expect inflation to fall by the end of 2022. The president went on to say that his administration’s initiatives have resulted in a decrease in new jobless claims, which he described as evidence of “genuine success.”
Consumer prices in the United States climbed steadily in January, resulting in the highest annual increase in inflation in 40 years, feeding financial markets optimism that the Federal Reserve will raise interest rates by 50 basis points next month.
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