President Joe Biden defended the reason behind soaring inflation and his economic policies as data showed consumer prices continued to climb in October.
“It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living,” Biden said in a statement.
The Labor Department’s consumer price index rose by 0.4 percent from September.
The Consumer Price Index (CPI) is up 7.7 percent year-over-year.
Food prices at home rose 0.4 percent last month, lower than the 0.7 rates in August and September but still rising.
But Biden spun the news as a good thing, saying it was “a much-needed break in inflation at the grocery store as we head into the holidays.”
Biden said, “we are seeing progress in getting inflation under control.”
The message was much different from the one he sent Americans last year when he said that inflation was only “temporary.”
During the press conference, Biden appeared more cautious about his ability to lower inflation.
“What I can’t do is I can’t guarantee that we’re going to be able to get rid of inflation, but I do think we can,” he said.
He then proposed a solution of more government programs to help Americans, saying it would take time before his existing proposals to deal with inflation started to kick in.
“We’re driving down all of those costs,” he said. “We’ve already passed the legislation to do that; it’s just taking effect.”
As The AP reported:
High inflation was the top consideration for voters in the midterm elections, AP VoteCast shows.
The result, as of early Wednesday, was an election in which Democrats displayed strength, appearing to avoid the massive losses that often beset the party in power during a midterm vote. With ballots still being counted, though, it was unclear if they would retain control of at least one chamber of Congress.
The survey depicts a country mired in pessimism about America’s future and its political leadership, with lingering tensions in how people feel about Biden.
The detailed portrait of the American electorate is based on results from VoteCast, an extensive survey of more than 94,000 voters nationwide conducted for The Associated Press by NORC at the University of Chicago.