Last updated on July 18th, 2023 at 01:59 pm
President Biden pointed out in his remarks about declining US inflation that elsewhere in the world, inflation is rising at a double-digit rate.
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Biden said:
Where inflation is rising at double digits in many major economies around the world, inflation is coming down in America. In fact, this new report is the fifth month in a row your annual inflation has fallen in the United States. Inflation outside of food and energy. A key measure of that kind also fell. Make no mistake; prices are still too high. We have a lot more work to do, but things are getting better and headed in the right direction.
Most Americans can see the progress driving down the street, finding relief at the pump as gas prices fall; gas prices are now lower than they were a year ago. And half the gas stations selling gas at someone gas at three and nine cents or less. The most common price for gas stations across the country is two dollars and ninety cents. The decline in gas prices is giving consumers a break.
Biden is correct. For example, in the UK, inflation has risen to 11.1%, while US inflation is at 7.1%.
Economists are warning that the UK has entered a period of stagflation and could be facing a lost economic decade.
In Japan, inflation is holding at 9.3%.
The United States is in much better shape than the rest of the world, and the nation still has a long way to go. The President said after his remarks that he thinks inflation might not be fully under control until the end of next year.
However, the US is ahead of the rest of the world in recovering from the pandemic, and Joe Biden deserves some credit for this success.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
