Biden says “prices too high” as inflation rises ahead of midterm elections

US President Joe Biden said Thursday's consumer price index report shows some progress has been made in tackling high prices, but there is still much work to be done, the White House said.

The latest inflation report comes as Biden and his Democratic Party face critical midterm elections in November and lingering questions about how they manage rising prices for food, fuel and a range of other consumer goods. After spending much of the past two years trying - with modest success - to curb price increases caused by an economy reeling from COVID lockdowns and oil-rich Russia's invasion of Ukraine, Biden has once again said fighting inflation is his top priority. The consumer price index rose 0.4% last month after rising 0.1% in August, the Labor Ministry said in its report. In the 12 months to September, the CPI rose 8.2%, following an 8.3% increase in August. The White House noted that inflation over the past three months has averaged 2% year-on-year. This was down from 11% in the previous quarter. "But despite this progress, prices are still too high. Tackling global inflation, which affects countries around the world and working families here, is my top priority," he said. Source: Reuters Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!