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U.S. consumer prices rose less than expected for a second
straight month in November, resulting in the smallest annual
increase in inflation in nearly a year and giving the Federal
Reserve cover to start scaling back the size of its interest
rate increases.
The consumer price index readings last month reflected declines
in the costs of gasoline, healthcare and used cars and trucks
but Americans still faced higher prices for food and rental
housing.
"I want to be clear, it's going to take time to get inflation
back to normal levels. As we make the transition to a more
stable growth, we could see setbacks along the way as well. We
shouldn't take anything for granted," he said.
Biden said his goal was to get price increases under control
without hurting economic growth and to lower inflation while
keeping the labor market resilient.
He said prices on many items were still high but that gas prices
were now lower than they were a year ago, food inflation slowed
last month and prices of items such as televisions, used cars
and toys are coming down.
Biden further said he hopes prices will be back to normal by the
end of next year but is confident they are not going to go up.
(Reporting by Steve Holland and Nandita Bose in Washington;
Editing by Gareth Jones and Howard Goller)
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