According to some representatives of the Biden administration, consumer prices, at the root of the US inflation spike, are starting to ease.
The "red-hot" US economy hurt by record inflation is showing signs of cooling, White House economic adviser Cecilia Rouse noted. The expert believes that the government’s economic measures aimed at combating surging prices have borne fruit, thus proving to be effective.
The economic adviser stressed the positive effect of steps taken by top officials. Notably, in recent months, the US authorities have been heavily criticized for an unprecedented rise in the price of goods and services. Analysts assume that cooling from the red-hot conditions ahead of November's midterm elections inspires hope for a rosy outcome for the national economy.
US consumer prices were up by 8.2% year-on-year in September, up from 8.3% in August. Economists predicted the indicator would slow down to 8.1%. At the same time, the annual core inflation rate excluding energy and food prices accelerated to 6.6%. In August, the reading stood at 6.3%, its highest level since August 1982.
Most of the steps taken by Washington to tackle inflation will have a real effect only next year, Rouse stated.
