Consumer prices rose 7.5% over the past year, the fastest rate since 1982.
The Biden administration and Congress are grappling with how to address soaring prices as annual inflation increased at its fastest pace in 40 years.
"Inflation is up," Biden said."But the fact is that if we're able to do the things I'm talking about here, it'll bring down the cost for average families." The president said in a statement Thursday after the inflation numbers were released the administration has"been using every tool at our disposal" and sought to reassure Americans"that we will make it through this challenge."
The Federal Reserve, tasked with the dual mandate of price stability and promoting full employment, is expected to start raising interest rates in March in order to try to bring inflation down. In theory, raising interest rates will put the brakes on the economy by making it more expensive for businesses to borrow money to expand and invest.
"This is an investment that will create jobs in the immediate term and grow healthier sectors of the economy in the longer-term," Wong said."This is not, by and large, the kind of stimulus that is going to encourage too much money to chase too few goods."
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