Biden: We're Seeing Signs Inflation Could Be Starting to Ease

US President Joe Biden stated that they saw some signs that inflation may be starting to ease in the country, and said, "We may face some more headwinds in the coming months. Our work is not done yet." Biden made evaluations regarding the July inflation data. Stating that inflation did not show any change in July, Biden stated that while the prices of some inflation items increased last month, the prices of others decreased at the same rate. Stating that people are still suffering due to inflation, Biden said, "We are seeing some signs that inflation may be starting to ease." Pointing to global challenges such as the war in Europe, the disruptions related to the pandemic in Asia, and supply chain disruptions, Biden said, "We may face some more headwinds in the coming months. Our work is not done yet." Stating that they still have work to do, Biden emphasized that the Inflation Reduction Act should be passed as soon as possible. According to data released today by the US Department of Labor, the US Consumer Price Index (CPI) remained unchanged on a monthly basis in July, but increased by 8.5 percent on an annual basis, below expectations. Inflation in the US, which slowed in July, reached a 41-year high of 9.1 percent in June.