President Biden on Wednesday took credit for the easing inflation as a new government survey of prices showed less expensive gas and groceries tamping down overall consumer prices.
The president also warned that his administration has more work to do to shore up the economy.
“Today’s report shows continued progress in our fight against inflation with the 12-month inflation rate at the lowest level since May 2021,” Mr. Biden said. “While inflation is still too high, this progress means more breathing room for hardworking Americans — with wages now higher than they were nine months ago, after accounting for inflation.”
Consumer prices rose 0.1% from February to March, according to government figures, down from 0.4% the prior month. Prices were up 5% year-over-year in March, down from a 6% year-over-year increase in February.
Despite the ease in consumer price increases, the latest inflation figures remain above the Federal Reserve’s target.
Core inflation, which excludes volatile food and energy costs, rose 0.4% last month and 5.6% year-over-year, marking the first time 12-month core inflation has edged up in six months.
SEE ALSO: Biden plans hiring spree for bulk of government; NASA gets no space to grow
The Federal Reserve has projected an additional quarter-point rate hike next month as officials attempt to tame skyrocketing prices.
Republicans remain far less optimistic than Mr. Biden about the state of the economy.
“Inflation is up, wages are down, and Americans are struggling to stay afloat in Biden’s failed economy,” Republican National Committee Chairwoman Ronna McDaniel said. “Democrats have neither answers nor solutions — their policies only worsen the economic burden on families, yet Biden wants taxpayers to foot the bill for his $6.9 trillion tax-and-spending spree that will send inflation soaring even higher.”
Mr. Biden said his administration is “continuing to fight to lower costs for families” citing actions to cap insulin costs at $35 per month for seniors and allowing Medicare to negotiate lower prices.
He also touted his efforts to boost domestic manufacturing and spread good-paying jobs throughout the U.S.
“We should build on that progress with policies to grow our economy, lower costs, create jobs, and reduce the deficit,” Mr. Biden said. “And we must reject reckless proposals from Congressional Republicans to take our economy hostage in order to cut taxes for the wealthy and large corporations, and bring back failed trickle-down policies that would ship jobs overseas and gut programs that are lowering costs for seniors, middle-class families, and hardworking Americans.”
• Joseph Clark can be reached at jclark@washingtontimes.com.
Please read our comment policy before commenting.