US President Joe Biden said that inflation rose less than expected in November.
Biden said they expect prices to return to normal by the end of 2023. Joe Biden said that food and gasoline prices will not rise in this process.
After the pandemic and the Russian-Ukrainian war, inflation broke out around the world. The United States was among the countries most affected by this situation.
US President Joe Biden touched on this issue in his speech today. Biden spoke at the White House after the consumer price index (CPI) rose 0.1% m/m and 7.1% y/y in November, less than expected.
“INFLATION IS REDUCING”
Stating that they have seen the rate of inflation decline over the past 5 months, Biden said, “In a world where inflation has increased by double digits, inflation in the United States is declining.”
“SERIOUS REDUCTION IN FOOD AND GASOLINE PRICES”
Emphasizing that despite all this, prices in the country are still high, Biden said: “We have a lot of work to do in this regard. In particular, in recent months there has been a serious decline in prices for food and gasoline.
END OF NEXT YEAR
Asked by a journalist when inflation will return to normal, Joe Biden said: “We expect it to happen by the end of next year. “I can’t give a clear assessment on this, but prices should not rise any more,” he said.
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