June 11, 2024 ☼ economy ☼ biden
Source: The Washington Post (Link)
The bank’s assessment will come as news to many Americans who remain preoccupied by the cost of living. Even as the U.S. economy outpaces Europe and Japan, and hiring stays steady, voters are irked by inflation. The price of items such as rent, car insurance and beef in recent months has risen sharply.
Policymakers can point to progress. Following the Federal Reserve’s fastest interest rate increases in decades, the annual rate at which overall prices are rising cooled in April to 3.4 percent, from a mid-2022 peak of 9.1 percent.
But even as the pace of price hikes has slowed, the worst inflation since the early 1980s left prices at uncomfortably high levels. Overall, consumer prices are up almost 19 percent since Biden was inaugurated.