Despite soaring prices, Biden claims we're on the right track
While the cost of living continues to burden American households, President Biden has praised the progress being made in reducing soaring inflation.
On Monday afternoon, in a speech at Boston's Logan Airport, Biden said his administration was confident on the topic of inflation that the country was "on the right track."
“We’re seeing hopeful signs of progress on inflation,” Biden said. “The price of gas, when we said not—what I was doing wouldn’t make any difference—well, guess what? It’s down $1.30 since the start of the summer and continues to go down.”
“Inflation eased in July,” he continued. “I said last spring that our top economic priority was to bring down inflation without giving up on all the gains American workers made in the last year. But there’s more to do—a lot more to do. The American people should have confidence that we are on the right track, that we’re seeing real progress.”
According to the Bureau of Labor Statistics, inflation reached 8.5 percent in July, while food prices soared 10.9 percent year over year, the fastest rate since the 1970s.
During the past year, the food at home index has risen 13.1%. Despite a 7.7 percent decrease in gasoline prices in July, the year-over-year increase is 44 percent.
13 Sep 2022