President Joe Biden sounded a note of considerable economic optimism on Friday after the inflation metric most utilized by the Federal Reserve continued to increase.
The Personal Consumption Expenditures Price Index rose 5.4% between January 2022 and January 2023, while the version of the measure excluding more volatile food and energy categories rose 4.7% over the same time horizon, according to data from the Bureau of Economic Analysis. Both figures surpassed analysts’ expectations.
Biden responded to the data release by claiming that “we have made progress on inflation, but we have more work to do.” He touted efforts from his administration to reduce prices and said Republicans undermine the strength of the economy by opposing his spending agenda.
“When I travel the country, I see optimism for this year and the years ahead. The optimism of families with just a little bit more breathing room thanks to our work to get workers back into jobs. The optimism of a record number of…
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