US President Joe Biden said that reducing inflation is one of his “top priorities”, After knowing that the interannual rate has shot up to 6.2% in October, the highest in three decades in this country.
In a statement released by the White House, Biden acknowledged that inflation “hurts the pockets of americans“So he stressed that”reverse this trend” It is one of “your top priorities”.
In his opinion, “much”Of the increase in consumer prices is due“rising costs related to energy“While other increases reflect the”struggle“For retaking”normal operations”Amid troubles in global supply chains.
Finally, he remarked “his commitment to the independence of the Federal Reserve (Fed) to monitor inflation, and take the necessary steps to combat it.
Last month’s data is of particular concern, as it shows a more general rise than in previous months, which had focused on specific sectors.
If food and fuel prices, which are the most volatile, are excluded, core inflation in October was 0.6%, with an annual rate of 4.6%.
In this sense, the indicator adds pressure to the US central bank that has already announced that it will begin to gradually reduce from this month the multimillion dollar bond purchase program launched to support the economy after the crisis caused by the pandemic.
Last week the Fed left interest rates unchanged in the range between 0% and 0.25% and announced the beginning of the reduction of liquidity injections by US $ 15,000 million per month, while reiterating that the increase of prices is transitory and will remit in mid-2022.
The US central bank is scheduled to hold its last monetary policy meeting of the year on December 14-15.
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