Biden: Inflation Moderates, But People Still Feel the Pain
Inflation in the United States may show signs of moderation, but more needs to be done to make consumers’ lives easier.
US President Joe Biden said this in response to the latest inflation rate in the world’s largest economy.
Lower fuel prices meant inflation in the US was less high last month than a month earlier. As a result, currency depreciation stood at 8.5 percent year-on-year in July, compared to 9.1 percent in June. At the time, that was the highest level in more than forty years.
The figure is of great importance to the US central bank, raising interest rates to combat high inflation.
“We’re seeing some signs that inflation may be starting to moderate,” Biden said in response. “But people were still in pain.”