joe biden
In his first comment after inflation data, US President Joe Biden said Thursday that consumer price inflation data for July indicates the strength of the US economy.
“Today’s report shows that our economy remains strong, with the annual inflation rate down by nearly two-thirds since last summer,” Biden said in a statement posted on the White House website.
The president pointed to core inflation data, which excludes volatile food and energy prices, which fell to their lowest level on a quarterly basis since September 2021.
The statement added that unemployment rates remain near record lows, and that the percentage of Americans who are currently employed is higher than it has been in 20 years.
“We’ve made this progress while keeping our economy strong broadly, as we grow the economy and lower costs for hard-working families,” Biden concluded.
The annual inflation rate in the US rose less than expected last July, which may pave the way for the US Federal Reserve to fix interest rates at its next meeting.
The annual consumer price index in the United States recorded 3.2 percent in July.
Expectations were that the inflation rate in the world’s largest economy would rise to 3.3 percent, compared to 3 percent in June.
2023-08-10 15:55:48
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