Published: 2022-08-10 21:10
Last Updated: 2022-10-03 17:02
US President Joe Biden cheered inflation data released Wednesday, which he said pointed to a slowing of the price pressures that have squeezed American families.
He was speaking at the White House shortly after government data showed the consumer price index was unchanged compared to June, and the annual inflation rate slowed to 8.5 percent from a four-decade high of 9.1 percent.
"We're seeing a stronger labor market where jobs are booming and Americans are working and we are seeing signs that inflation may be beginning to moderate," Biden said.