President Biden on Tuesday said he thinks prices will return to normal at the end of 2023 while touting the November slowdown in inflation as welcome news ahead of the holidays.
“I hope by the end of next year, we’re much closer,” he said on when to expect prices to go back to normal. “But I can’t make that prediction. I just, I’m convinced they’re not going to go up, convinced they’re going to continue to go down.”
The president, in remarks at the White House, noted the inflation came down more than experts expected last month and that November marked the fifth month in a row inflation is falling.
The annual inflation rate fell to 7.1 percent in November, down from 7.7 percent in October and in line with economist estimates of a 7.3 percent annual inflation rate. Prices rose just 0.1 percent in November alone, down from a 0.4 percent monthly inflation rate in October.
The president said the November dip is welcome news and “news that provides reason for some optimism for the holiday season and I would argue for the year ahead.”
“Make no mistake, prices are still too high. We have a lot more work to do,” he added.
He warned of setbacks as the economy bounces back and ahead of his prediction that prices will be back to normal in a year.
“We shouldn’t take anything for granted. But what is clear is that my economic plan is working and we’re just getting started. My goal is simple, get price increases under control without choking off economic growth,” Biden said.
“Things are looking up,” he added.
He highlighted that the common price of gas in the U.S. is $2.99 a gallon and that food inflation is slowing. Food prices rose 0.5 percent on the month and are up 10.6 percent on the year.
“Food inflation slowed last month, providing much needed relief for millions of families at the grocery store. This is welcome news for families across the country as they get ready for the holiday celebrations and for family dinners,” the president said.
Source: The Hill
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