Joe Biden downplays worst inflation in 40 years as ‘progress’ as shelves in US sit empty
The Metro says President Joe Biden cast the annual inflation of 7% – the highest level the US has seen in 40 years – as a ‘global challenge’ that his administration is ‘making progress’ on as supply chain issues leave many shelves empty.
The consumer price index increased 0.5% in December after rising 0.8% the prior month, according to a Department of Labor report released on Wednesday. That increase raised the annual inflation to 7% last month, which is the highest since June 1982.
However, Biden on Wednesday played down the dismal economic reading.
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