President Biden on Wednesday took credit for the easing inflation as a new government survey of prices showed less expensive gas and groceries tamping down overall consumer prices.
on Wednesday took credit for the easing inflation as a new government survey of prices showed less expensive gas and groceries tamping down overall consumer prices.“Today’s report shows continued progress in our fight against inflation with the 12-month inflation rate at the lowest level since May 2021,” Mr.said.
Consumer prices rose 0.1% from February to March, according to government figures, down from 0.4% the prior month. Prices were up 5% year-over-year in March, down from a 6% year-over-year increase in February. Despite the ease in consumer price increases, the latest inflation figures remain above the Federal Reserve’s target.
Core inflation, which excludes volatile food and energy costs, rose 0.4% last month and 5.6% year-over-year, marking the first time 12-month core inflation has edged up in six months. The Federal Reserve has projected an additional quarter-point rate hike next month as officials attempt to tame skyrocketing prices.“Inflation is up, wages are down, and Americans are struggling to stay afloat in
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