Despite the fact that American households continue to be burdened by high living costs, President Joe Biden has praised the progress being made to lower skyrocketing inflation nationwide.
On the afternoon of September 12, Biden said during a speech at Boston’s Logan Airport in Massachusetts that his administration was confident that the nation was on the right track when it came to combating inflation.
Inflation in July hit 8.5 percent year over year, while food costs have increased 10.9 percent year over year, the fastest rate since the 1970s, according to data from the Bureau of Labor Statistics. These developments coincide with Biden’s remarks.
The food at home index, meanwhile, increased 13.1% over the previous 12 months. Although gasoline prices dropped 7.7% in July, they are still up 44% from a year ago.
On Tuesday, official figures for August will be released, revealing whether or not inflation increased once more in August or stayed the same. According to experts, figures will indicate that inflation decreased by little over 1%.
A Gallup survey conducted earlier this month revealed that the majority of Americans are experiencing financial difficulty as a result of rising inflation.
According to the survey, 56 percent of Americans believe that price hikes have made their household financially difficult, up from 49 percent in January and 45 percent in November. 12 percent of those polled said the hardship was severe, while 44 percent said it was moderate.
According to the study, both middle-class and lower-class households were experiencing financial hardship and had to make expenditure reductions or choose to just buy necessities, as well as reduce travel. In response to rising gas prices, those households also mentioned that they are driving less or attempting to reduce their gas consumption.
Despite the difficulties brought on by COVID-19 and Russia’s continued invasion of Ukraine, Biden praised the advancements his administration has made in combating inflation on Monday.