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Biden Says He’s Directed Economic Aides to Focus on Energy Costs -Breaking

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© Bloomberg. U.S. President Joe Biden spoke at the White House’s State Dining Room on Saturday, Nov. 6, 2020, about the passing of the Bipartisan infrastructure deal. Friday’s House passage of the U.S. largest infrastructure package in decades was a triumph for President Biden. It will result in $550 million in fresh funding for roads, bridges, transit, and other projects over the next few years.

(Bloomberg) — President Joe Biden said he’s directed his top economic aides to focus on reducing energy prices, which he blamed for accelerating U.S. inflation.

“Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement after the consumer price index rose in October at the fastest annual pace since 1990.

“The largest share of the increase in prices in this report is due to rising energy costs,” Biden said, though he noted that prices have fallen since data for the October report were collected.

“I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.”

 

©2021 Bloomberg L.P.

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