Biden cheers softening inflation following midterm election success

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President Joe Biden celebrated a new inflation report Tuesday that showed prices rising slower than expected, which the president claimed shows his “economic plan is showing results.” Alex Brandon/AP

Biden cheers softening inflation following midterm election success

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President Joe Biden celebrated a new inflation report Tuesday that showed prices rising more slowly than expected, which the president claimed shows his “economic plan is showing results.”

The producer price index increased by 0.2% in October compared to the previous month and 8% on the year, the Labor Department announced Tuesday morning. Estimates had projected the rates to clock in at 0.4% and 8.3%, respectively.

CPI FALLS TO 7.7% IN OCTOBER IN SIGN THAT PRICES ARE EASING

“There’s more good news for our economy this morning, and more indications that we are starting to see inflation moderate,” Biden, who is attending the G-20 summit in Bali, Indonesia, wrote in his statement. “Today’s news — that prices paid by businesses moderated last month — comes a week after news that prices paid by consumers have also moderated. And, today’s report also showed that food inflation slowed — a welcome sign for family’s grocery bills as we head into the holidays.”

“The bottom line is this: my economic plan is showing results, and we face global economic challenges from a position of strength,” the president continued. “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.”

Biden also reiterated his pledge to “work with anyone, Democrats or Republicans, who have ideas on how we can provide more breathing room to middle-class and working families.”

The president’s critics, however, pointed to Tuesday’s PPI report as evidence that “inflation is still hitting small businesses just as hard as consumers.”

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“Policymakers can help the Federal Reserve in its fight to reverse inflation by cutting government spending. Last week, JCN won its lawsuit against the Biden administration’s illegal student loan bailout plan, which would have fueled today’s inflationary fire,” Job Creators Network CEO Alfredo Ortiz said in a statement Tuesday morning. “Pulling our economy out of decades-high inflation isn’t a partisan issue. It’s vital to the success of America, and the Biden administration needs to take it seriously.”

© 2022 Washington Examiner

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