According to Joe Biden, the November consumer price index shows that the country is recovering and is resilient.
According to the report released by the Bureau of Economics, the consumer price index for November was at 5.5%. It was lower than the previous month's and below the government's projection of 5.5%.
In November, the core PCE inflation rate fell to 4.5%, but it remains above the target of 2%. Core and regular inflation are still significantly higher than this target.
In a statement, Biden noted that the report shows that the country's economy is recovering and is resilient. While the job market is still strong, the prices of gas and groceries have dropped. He also stated that the lower inflation rate is a good sign for the country's families and businesses.
Despite the various challenges that the country will face in the coming years, the president is still optimistic about the country's recovery.
Since the White House has avoided answering questions about Biden's economic policies, it is not yet clear if the Fed's rate hikes in 2022 are responsible for the lower inflation rate.
At a recent briefing, White House press secretary, Jean-Pierre, stated that Biden is still confident that the Fed can set monetary policy.
When asked about the Fed's actions, Jean-Pierre would not comment on the decisions of the central bank. He noted that the White House believes that the Fed has the best monetary policy to deal with the country's inflation.
According to Biden, he is still positive about the country's recovery and believes that prices will return to their pre-pandemic level by 2023.
The preceding is a summary of an article that originally appeared on Washington Examiner.