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Biden hails report showing easing inflation numbers
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Biden hails report showing easing inflation numbers

  • Jan 12, 2023
  • Jan 12, 2023 Updated May 17, 2023
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President Joe Biden is celebrating the latest economic report showing that inflation in the U.S. is easing, declaring it another sign that his "economic plan is working." The government report revealed that rising U.S. consumer prices moderated again last month, bolstering hopes that inflation's grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to 6.5% in December compared with a year earlier, the sixth straight year-over-year slowdown, down from 7.1% in November. The softer readings add to growing signs that the worst inflation bout in four decades is steadily waning. Gas prices, which have tumbled, are likely to keep lowering overall inflation in the coming months.

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You’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. But other ways inflation helps or hurts have gotten less attention.

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