In response to the latest report on consumer price inflation in the United States, which showed that the year-on-year rate of headline inflation has soared above 6.0%, the US president Joe Biden said reversing rising inflation is a priority for him, according to Reuters.
Biden added that has called on the White House National Economic Council to seek ways to reduce energy costs and it has lashed out at the US Federal Trade Commission for lobbying against any market manipulation or price increases in the energy sector. On price increases in the non-energy sector, Biden said this reflects the ongoing fight to restore the market to proper functioning. Finally, the president commented that he is committed to the independence of the Fed to monitor and combat inflation.
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