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What did President Joe Biden say about the CPI inflation report for October?

After months of rapid price rises, it appears that the inflationary pressures that have caused economic pain for Americans are beginning to subside.

U.S. President Joe Biden arrives to answer questions from reporters during a news conference held after the 2022 U.S. midterm elections in the State Dining Room at the White House in Washington, U.S., November 9, 2022. REUTERS/Tom Brenner

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.

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.

Biden’s approval rating have suffered greatly in 2022, due in large part to the rampant inflation which has pushed up prices for consumers. 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.”

In the brief statement he emphasises two keys areas where prices were falling: gasoline and healthcare.

He pointed out that typical gas prices have fallen by around $1.20 per gallon and recently-passed legislation was saving millions of Americans up to $800 per year on their health insurance policies. He added that a next raft of legislation will be actioned in the coming weeks to further decrease prices for Americans:

“In less than eight weeks, my plan to bring down prescription drug prices and energy costs goes into effect,” Biden said.

And finally he appeared to reference the fact that the Democrats look likely to lose control of at least one of the Houses of Congress. Although neither the Senate nor the House had been called when the CPI report was published, the Republicans held a considerable lead in the House and were very much in-play for the Senate.

Biden ended his statement by pledging to “work with anyone – Democrat or Republican – on ideas to provide more breathing room to middle-class and working families.”