© Thomson Reuters US President Biden discusses the administration’s plans to reduce inflation and spending during a speech at the White House in Washington.
Author: Trevor Hunnicutt
BAY CITY, Michigan (Reuters) – U.S. President Joe Biden on Tuesday called falling gasoline, clothing and appliance prices “good news for the holidays” but said inflation would take some time to normalize.
Speaking at the SKI Siltron CSS semiconductor plant in Bay City, Michigan, Biden said he was “laser-focused” on tackling supply chain disruptions and inflation fueled by Russia’s war in Ukraine as he worked to create higher-paying manufacturing jobs.
“Thankfully grocery store inflation is starting to slow. Prices of clothes, televisions and appliances are falling. That’s good news for the holiday season,” Biden said, adding that costs to producers are also falling.
Although gasoline prices have returned to pre-war levels, below their summer peak of $1.50 a gallon and continuing to fall, Biden said more progress is needed.
“Although these prices are low, they are not low enough,” he said, adding that “inflation will take time to return to normal levels … we are focused on that.”
The US Labor Department reported earlier this month that US consumer prices rose 7.7% from a year earlier in October, the smallest increase since January.
Prices could rise again if unions reject a potential deal with American Railroads, the White House warned, but Biden did not raise the issue in his remarks.
The Democratic president claims to be pro-union but has not faced serious criticism that he betrayed unions by passing a congressional measure that could have blocked a potential rail strike.
(Reporting by Trevor Honeycutt; Writing by Andrea Shalal; Editing by Chris Rees)
