Biden celebrates US inflation data, sees economy ‘on track’

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The President of the United States, Joe Biden, celebrated the numbers published on Wednesday (10) of the consumer price index (CPI, its acronym in English).

At the beginning of the event to sign legislation aimed at supporting the health of veterans in the country, the leader considered that the economy is “on the right track”, but also recalled that there are still important challenges in the global framework.

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Biden began his speech extolling “zero percent inflation”, with stability in the CPI from July to June. He said people were still feeling the picture on inflation, but noted that the core CPI was the lowest in “several months.”

The US president also recalled the monthly employment report (payroll) published on Friday, with a higher-than-expected number of job creations.

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The combination of the two data is “the kind of economy we have built”.

He said there are “global challenges” such as the war in Ukraine, problems in production chains and shutdowns in Asia to contain Covid-19.

In addition, he again asked Congress to pass a government package to help contain inflation, with measures such as cuts in the prices of prescription drugs and health insurance and in the energy sector.

Biden said the work to curb inflation is “far from complete, but we’re moving in the right direction”, with signs that prices are starting to moderate.

He said there was “some good economic news today” and predicted there will be more later.

Source: CNN Brasil

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