Monthly inflation rose 0.5% in January, while so-called core monthly inflation rose 0.4%, each matching estimates from economists. Both readings were the highest since the fall.
“Inflation in America is continuing to come down, which is good news for families and businesses across the country,” Biden said in a statement Tuesday that sidestepped directly addressing the acceleration in monthly price growth. “There is still more work to do as we make this transition to more steady, stable growth, and there could be setbacks along the way.”
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