WASHINGTON – If you think prices are still high, you’re right. The latest government numbers show inflation is still climbing, although not as fast as the last few years.
While efforts by the Federal Reserve have slowed inflation, board members aren’t ready to declare victory. Partly because the latest Labor Department numbers prove getting inflation back to normal might be more difficult than expected.
“We’ve been very clear here that prices are still too high. We’re going to do everything we can to lower the costs,” declared White House Press Secretary Karine Jean-Pierre on Tuesday.
New data shows the Consumer Price Index (CPI) rose 3.1% over the last 12 months. It was a higher jump than anticipated, which likely means no cuts in high-interest rates as the Fed hopes to bring inflation down to a 2% target before taking action.
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“We’re making real progress,” President Biden said while talking about the economy this week.
On the campaign trail, Biden is highlighting his economic policies and hailing signs of economic strength.
“Consumer sentiment surged 29% in the last two months, the biggest jump in
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