The president of United States, Joe Bidencelebrated the drop in 6 tenths of the rate of inflation of the country, which was placed in July at 8.5%, and which shows that its economic plan “is working”, although it warned that the Executive’s work to contain prices “is far from over”.
At the beginning of his speech at an event at the White House on the occasion of the signing of a law for the medical care of veterans of the armed forces exposed to toxic fumes, Biden made a brief reference to the inflation data published this Tuesday.
(Also read: Inflation in the US fell to 8.5% in July due to the drop in gasoline prices)
The president also called on Congress to “immediately” approve the Inflation Reduction Law to face the “headwinds” that could impact the world’s largest economy in the coming months.
The aforementioned law was approved by the Senate on Sunday and now has to pass the process of the House of Representatives, where given the Democratic majority it is expected to pass without difficulties.
“We must approve the Inflation Reduction Act immediately, that Congress approves this shocking law to prevent inflation from getting worse and we continue to move in the right direction,” the president said on Wednesday, a few hours after learning that prices were remained stable in July and year-on-year inflation fell six tenths, to 8.5%.
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We may face additional headwinds in the coming months
With “global challenges” facing the country from war in Europe, disruption to supply chains and pandemic lockdowns in Asia, he added, “we may face additional headwinds in the coming months.”
Biden celebrated the data published this Wednesday by the Bureau of Labor Statistics (BLS), which show that “the economic plan is working”, although the Executive’s work to contain prices “is far from over”, the president added.
“If we combine this with the employment data announced last week, which shows a creation of 520,000 jobs and a rate of 3.5%, it is a sign of the type of economy that we have been building,” Biden added.
The year-on-year drop in prices has occurred after consumer prices have remained stable (0%) this month, thanks mainly to the drop in gasoline prices, which was 7.7% in July.
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The decline in the inflation rate gives a small respite to the american economywhich at the end of July entered into what experts consider a technical recession by chaining two quarters of falls in gross domestic product (GDP).
A diagnosis that, however, is not shared by the government headed by Joe Biden, who does not believe that the country is in a recession scenario given the robustness of its economy.
EFE
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