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Biden says consumer inflation report shows budgets of Americans are ‘being stretched’ -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: U.S. President Joe Biden speaks about his economic plan and his administration’s efforts to rebuild manufacturing, in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., February 8, 2022.

(Reuters). -The U.S. President Joe Biden stated that the January consumer price index reported on Thursday by Joe Biden was a reminder of the real financial strain facing Americans and that the administration is using every tool it can to deal with the matter.

“We have been using every tool at our disposal, and while today is a reminder that Americans’ budgets are being stretched in ways that create real stress at the kitchen table, there are also signs that we will make it through this challenge”, Biden said in a statement.

Biden said that forecasters had predicted that inflation would fall by 2022. Biden also stated that the president’s policies have led to a decrease in unemployment claims. This he called a sign “real progress”.

U.S. consumer price inflation rose strongly in January. This was the largest annual rise in inflation for 40 years. Financial markets speculate that the Federal Reserve will raise the interest rates by 50 basis points next month.

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