President Biden couldn't promise a reporter on Tuesday that prices would return to normal, saying he hoped by the end of next year 'we're much closer.'
as it tries to tame runaway inflation with a series of aggressive interest rate hikes. It marked the slowest annual inflation rate since December 2021.In another sign that suggests underlyingin the economy are starting to slow, core prices – which strip out the more volatile measurements of food and energy – climbed 0.2% in November from the previous month, down from 0.3% in October. From the same time last year, core prices jumped 6%.
"Today’s news gives me reason to be optimistic," Biden said."We’re building a better America, an economy from the bottom up and the middle out, not the top down. When the poor have a shot, middle class do well, the wealthy always do very well. We just have to keep going. I know we can get this done."Inflation hit a 40-year high in June of 9.1 percent, straining American pocketbooks.
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