(Finance) – “Today marks a significant milestone with inflation in the last six months at the pre-pandemic level of 2%. Americans saw their income grow 3.7% over the past year, adjusted for inflation. As we approach the holidays, prices are down from a year ago on major items including a gallon of gasoline, a gallon of milk, toys, appliances, electronics, car rentals and airline fares.” United States, Joe Bidenafter the personal consumption expenditure (PCE) price index fell to 2.6% in November (a level not seen since April 2021), while the core figure settled at 3.2%.
“A year ago, most forecasters predicted that a spike in unemployment and a slowdown would be needed to bring down inflation,” Biden said. “I never believed it. I never gave up on hard work, determination and to the resilience of millions of Americans. And today, semiannual inflation has fallen to its pre-pandemic level, the unemployment rate has remained below 4% for 22 consecutive months, and wages, wealth and the share of Americans in working age with employment are now higher than before the pandemic began.This reflects the hard work we’ve done together to fix our supply chains and the surge of Americans in the workforceor. It’s remarkable progress.”
“But be careful: while my economic plan is putting us back on track, our work is far from finished he added, “Prices are still too high for too many Americans, and I know the strain it can put on hard-working families. That’s why I’m focused on cutting costs: from lowering the price of insulin, prescription drugs, and energy, to eliminating the hidden junk fees that companies use to rip you off, to urging big companies to move savings to consumers as their moderate costs”.