Biden acknowledges inflation causing real stress for Americans: ‘We will make it through this challenge’
CNN, CNNBUSINESS
By Allie Malloy, CNN
President Joe Biden on Thursday acknowledged the stress on American families’ budgets after a key inflation report showed annual inflation has hit 7.5%.
However, Biden claimed, “there are also signs that we will make it through this challenge.”
“On higher prices, 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.
The consumer price index rose 7.5% in the 12 months ending January, not adjusted for seasonal swings, the Bureau of Labor Statistics said Thursday. It was the steepest annual price increase since February 1982 and worse than economists had forecast.
Biden reiterated forecasts that project inflation will ease substantially by the end of 2022.
This is a breaking story and will be updated.
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.
