House Republicans rebuked President Joe Biden for his optimistic view of the economy on Tuesday following an inflation report which continued to show elevated prices.
Price levels rose 6.4% between January 2022 and January 2023, according to data released on Tuesday morning by the Bureau of Labor Statistics, exceeding analysts’ forecasts as energy, food, and shelter prices apply pressure to household budgets.
Biden, who has offered a rosy view of the economy despite challenges such as inflationary pressures and supply chain bottlenecks, said prices are “coming down” last week in his State of the Union address.
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