US President Joe Biden announced “progress” in the fight against inflation in the US last October.
The White House said in a statement that the latest report from the US Department of Labor “indicates that we have made progress in reducing inflation and have achieved results in terms of economic growth and job creation.”
Biden continued: “My economic plan is paying off, and the citizens of the United States see that we are successfully tackling global economic problems.”
The statement said that it will take time for inflation to return to normal levels, but the government will continue to work on this and help families cope with rising costs.
Biden also mentioned lower prices for gas, food and health insurance.
A plan to lower the prices of certain medicines and electricity is also expected to come into effect within two months.
Biden stressed that he will work with both Democrats and Republicans to implement initiatives that will empower the middle class.
US Department of Labor data show that consumer prices rose 7.7% year-on-year in October, up from 8.2% in September. On a monthly basis, prices rose by 0.4%, while an increase of 0.6% was expected.