In his State of the Union address, President Joe Biden celebrated his administration's progress in the fight against inflation.
"Wages keep going up and inflation keeps coming down," Biden said in the annual speech before Congress.
Inflation has cooled while wages have ticked higher, but households are still struggling to keep up with the increased cost of living.
However, "it is difficult to tell people that inflation isn't so bad as it was, given that it has taken about one-fifth of purchasing power away from people," he said.
The consumer price index, a key inflation barometer, has fallen gradually from a 9.1% pandemic-era peak in June 2022 to 3.1% in January.
Persons:
Joe Biden, Biden, Mark Hamrick
Organizations:
Finance
Locations:
California