President Joe Biden expressed a strong degree of economic confidence even as the Consumer Price Index rose 6.0% between February 2022 and February 2023 and price pressures from household staples continued to worsen.
The month-to-month increase of 0.4% matched analysts’ forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.5%. Food prices increased 0.4% and shelter prices increased 0.8% even as energy prices declined 0.6%, according to a Bureau of Labor Statistics report.
“The latest snapshot of inflation at the retail level has come in largely as expected and that alone is somewhat reassuring,” Bankrate Senior Economic Analyst Mark Hamrick said in comments provided to The Daily Wire.
Despite the relative decline from the 6.4% inflation charted in January 2023, food and electricity prices have increased 9.5% and 12.9%, respectively, between February 2022 and February 2023. Biden said that “annual inflation is down by a third…
