(C) Common Dreams
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Biden cheers cooling inflation ahead of key Fed interest rate decision [1]

['Rebecca Picciotto']

Date: 2024-06-12

President Joe Biden on Wednesday took a victory lap on the latest inflation report, which found that consumer prices did not rise in May over their April levels, marking the first time since 2022 that U.S. month-over-month inflation has remained flat.

"Prices are still too high, but today's report shows welcome progress on lowering inflation," Biden said in a statement.

The federal Bureau of Labor Statistics report also showed that the annual inflation rate fell to 3.3% in May, down from 3.4% in April and 3.5% in March.

The numbers also came in cooler than economists had expected, with those surveyed by Dow Jones having predicted a 0.1% increase in prices and a 3.4% annual rate of inflation.

"Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years," said Biden.

"I know many families are feeling squeezed by the cost of living, which is still too high," he added.

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[1] Url: https://www.cnbc.com/2024/06/12/biden-cooling-inflation-trump.html

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