The latest inflation report from the Bureau of Labor Statistics found that inflation in the United States was running at 7.7% in October. This figure relates to price increases over the previous 12 months.
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The Consumer Price Index (CPI) report made pleasant reading for President Biden and represents a 0.5-point fall when compared to September. This suggests that inflationary pressures are beginning to ease and prices are no longer rising as quickly.
There was also a fall in the rate of Core CPI, which removes the more volatile categories of food and energy from the calculation. In October the Core CPI figure was 6.3%, a fall from the 6.6% rate recorded in September.
Shortly after the report was published, Biden issued a statement highlighting the progress made in the economy.
“Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation,” he said.
“My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength.”
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