BAY CITY, Mich. (Reuters) – U.S. President Joe Biden on Tuesday hailed easing prices for gasoline, clothes and appliances as “excellent news for the vacation season,” but said it could take time for inflation to return to normal levels.
Biden, speaking at SKI Siltron CSS’s semiconductor facility in Bay City, Michigan, said he remained “laser-focused” on battling inflation exacerbated by supply chain disruptions and Russia’s war in Ukraine, while working to create more high-paying jobs in manufacturing.
“Inflation on the grocery stores, thank God, is starting to slow. Prices for things like clothes, televisions and appliances are taking place. That is excellent news for the vacation season,” Biden said, noting that costs for producers were also coming down.
While gasoline prices had returned to their pre-war levels, having dropped $1.50 per gallon from their peak this summer and continuing to fall, Biden said more progress was needed.
“While these prices are lower, they don’t seem to be low enough,” he said, adding, “It is going to take time to get inflation back to normal levels … we’re laser focused on this.”
The U.S. Labor Department reported earlier this month that U.S. consumer prices increased 7.7% in October from a yr earlier, the smallest gain logged since January.
Prices could spike again if unions reject a possible contract cope with U.S. railways, the White House has warned, but Biden didn’t raise the difficulty during his remarks.
The Democratic president touted his bona fides as a supporter of unions, but didn’t address simmering criticism that he betrayed labor in endorsing a move by Congress that may block a possible rail strike.
(Reporting by Trevor Hunnicutt; Writing by Andrea Shalal; Editing by Chris Reese)
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