Biden Acknowledges Surging Inflation Is Creating ‘Real Stress’ for Families
- President points to some signs of easing in price pressures
- Biden issues statement after inflation hit four-decade high
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President Joe Biden said inflation was creating “real stress at the kitchen table” but insisted he remained optimistic about the American economy even after the consumer price index surged beyond expectations in Labor Department data released Thursday.
“While today’s report is elevated, forecasters continue to project inflation easing substantially by the end of 2022,” Biden said in a statement. “And fortunately we saw positive real wage growth last month,” he said, referring to pay after adjusting for inflation. He also cited “moderation in auto prices, which have made up about a quarter of headline inflation over the last year.”