Biden Asserts that Inflation is Declining, But Cautions Against Complacency

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On Tuesday, Vice President Joe Biden said that inflation in the United States was decreasing, and the president expressed his hope that prices would return to normal by the end of the next year.

In November, consumer prices in the United States rose at a slower pace than had been anticipated for the second consecutive month. This led to the lowest annual increase in inflation in nearly a year and provided the Federal Reserve with the justification it needed to begin reducing the magnitude of its interest rate hikes.

The readings of the consumer price index from the previous month revealed decreases in the costs of gasoline, healthcare, and used automobiles and trucks; nonetheless, Americans continued to confront increasing prices for food and rental accommodation.

“I want to make this quite clear: in order to return inflation to normal levels, it is going to take some time. It is possible that we may suffer some setbacks as we make the move to a development pattern that is more consistent. Nothing should be taken for granted, especially not this “he said.

Biden said that his objective was to bring down inflation while maintaining a robust labor market and to get pricing hikes under control without having a negative impact on economic development.

He said that costs for many products were still high; but, gas prices were now lower than they were a year ago, food inflation slowed last month, and prices of items such as TVs, used automobiles, and toys are coming down. He also stated that food inflation was slowing last month.

Biden went on to say that he is optimistic that there will not be an increase in costs but that he does expect that things would return to normal by the end of the next year.

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