President Joe Biden on Thursday said in a statement that a new report on the consumer price index “shows some progress in the fight against higher prices, even as we have more work to do.” Biden said Democrats’ big climate, healthcare and tax package is helping to lower costs for Americans, and he criticized Republicans for wanting to repeal the package, called the Inflation Reduction Act. “That’s the exact wrong thing to do in this moment. If Republicans take control of Congress, everyday costs will go up – not down,” the president said. In his statement, Biden also noted that a three-month average for CPI rose at just a 2% annual rate, a fact that also has been pointed out in a MarketWatch column. Republicans criticized Biden after the CPI reading, with GOP Rep. Blaine Luetkemeyer of Missouri saying in a statement: “Despite the Biden Administration and Congressional Democrats touting their so-called ‘Inflation Reduction Act,’ inflation continues its rampage on the American economy.”
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