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United States

13 Jan 2022

U.S. Recorded Largest Annual Rise in Inflation in 4 Decades; Biden: More Work to Do

U.S. Recorded Largest Annual Rise in Inflation in 4 Decades; Biden: More Work to Do

The Index Today

U.S. President Joe Biden admitted on Wednesday that his administration still had "more work to do with price increases still too high" although he also stated that there was progress made in slowing the rate of price increases.

Biden’s statement was released by the White House right after U.S. consumer prices increased solidly in December, recorded as the largest annual rise in inflation in nearly four decades.

Biden said, "We are making progress in slowing the rate of price increases. At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets."

In the 12 months through December, the consumer price index surged 7%. That was the biggest year-on-year increase since June 1982 and followed a 6.8% rise in November.

According to the White House economic adviser Brian Deese, the Biden administration plans to take additional steps this January to attempt to further ease bottlenecks at ports. He said most forecasters expect prices to moderate over the course of this year 2022.

©Photo: FT Montage/ Getty Images