that could potentially add billions to the federal deficit if some of the proposals were made permanent. that his administration was “making progress” on rising prices, despite recent data showing a 7 percent increase in consumer prices for the 12 months ending in December – the highest increase since 1982.
“Today’s report—which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases,” the president said in a statement Wednesday.shows that food prices increased by .5 percent from November to December and a total 6.3 percent over the previous 12 months.
Sen. Joe Manchin has cited inflation as one of his reasons for opposing President Biden’s Build Back Better plan.Biden did admit in his statement that the recent data indicates there is still “more work to do.” “Inflation is a global challenge, appearing in virtually every developed nation as it emerges from the pandemic economic slump,” he said. “America is fortunate that we have one of the fastest-growing economies—thanks in part to the American Rescue Plan—which enables us to address price increases and maintain strong, sustainable economic growth.”
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