WASHINGTON, Dec 14: Inflation in the United States of America (U.S.) has risen less than what was expected by experts.
According to the data published by U.S. Department of Labour, the Consumer Price Index (CPI) increased 0.1 percent from October and rose 7.1 percent when compared to last year’s statistics.
This is less than what economists had predicted in a survey, which forecasted a 0.3 percent rise from last month and a 7.3 increase on a year-to-year basis.
The matter was also confirmed by its president, Joe Biden though he said this does not indicate that prices of goods have gotten lower.
“Make no mistake, prices are still too high. We have a lot more work to do, but things are getting better, headed in the right direction.
“It’s going to take time to get inflation back to normal levels as we make the transition to a more stable and steady growth.
“But we could see setbacks along the way as well. We shouldn’t take anything for granted. But what is clear is my economic plan is working and we’re just getting started,” said Biden in a press conference.
The cost of food has increased by 0.5 percent, which is a record high and rose 10.6 percent from the same period of time last year.
Biden hopes to bring inflation down without impacting opportunities for economic growth.
“My goal is simple: Get price increases under control without choking off economic growth. Bring inflation down while keeping our labor market resilient.
Build an economy from the bottom up in the middle out. An economy with good jobs, good wages, and for the long run, not a boom or bust economy. Because of my plan, we’re beginning to see historic investments that are leading companies to invest hundreds of billions of dollars,” added Biden. – TVS
