Pres. Joe Biden has weighed in on the Department of Labor report out Friday that shows the consumer price index, which measures the prices consumers pay for a market basket of everyday goods and services, climbed at its fastest rate in nearly 40 years.
During a briefing on Friday, press secretary Jen Psaki said the White House is deferring to the Federal Reserve on official predictions about inflation.has weighed in on the Department of Labor report out Friday that shows the consumer price index, which measures the prices consumers pay for a market basket of everyday goods and services, climbed at its fastest rate in nearly 40 years.
The White House -- trying to walk a fine line -- acknowledged that Americans' wallets are taking a hit but that the increased prices will not last forever. The Biden administration also used the new numbers as an opportunity to tout the"Build Back Better" social spending plan, which it says will ease the financial squeeze many are facing despite good signs from other economic indicators.
"Economists think is going to, in fact, diminish the impact on inflation... because it's reducing costs for ordinary people," Biden said, noting that the plan does not have bipartisan support. "The reason for the inflation is that we have a supply chain problem that is really severe, and it's causing a significant increase in prices and things that, in fact, are hard to get access to. Because at the bottom, the bottom of it all, is COVID. COVID has had a serious impact on the ability to produce a whole lot of necessary products, particularly those imported from the Pacific and other places," he said.
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