PLATEAU

Biden Touts ‘Progress’ as Inflation Eases Slightly

The consumer price index rose 7.7 percent in October compared to a year ago, slightly less than what experts had forecasted.

President Joe Biden said Thursday that “progress” is being made in the effort to curb inflation—which is the worst it’s been in four decades—with new data showing signs that price rises may be starting to plateau. The consumer price index rose 7.7 percent in October compared to a year ago, slightly less than what experts had forecasted. The figure was 8.2 percent in September. However, prices for everyday items are still rising faster by historical standards. “It will take time to get inflation back to normal levels—and we could see setbacks along the way—but we will keep at it and help families with the cost of living,” Biden said in a statement. “Today’s report shows a much-needed break in inflation at the grocery store as we head into the holidays.”