Biden calls slowing inflation “good news” ahead of holidays

President Joe Biden called lower gasoline, clothing and appliance prices “good news ahead of the holiday season,” adding that the rate of inflation will take time to normalize.

Speaking at SKI Siltron CSS’s semiconductor manufacturing plant in Bay City, Michigan, the president said he remains focused on fighting inflation, exacerbated by supply chain disruptions and the war in Ukraine, while working to create better-paying manufacturing jobs.

“Grocery store inflation, thank God, is starting to slow down. Prices for things like clothing, TVs and appliances are coming down. That’s good news ahead of the holiday season,” Biden said, noting that manufacturers’ costs are also coming down.

Although gasoline prices are down $1.50 a gallon and continue to fall, Biden said further progress is needed.

“Even though these prices are falling, they’re still not low enough,” he said. – It will take time to get inflation back to normal levels. We’re paying special attention to that.”

The Labor Department reported earlier this month that U.S. consumer prices rose 7.7 percent in October from a year earlier, the smallest increase since January.

Prices could rise again if unions reject a potential deal with the railroads, the White House warned, but Biden did not raise the issue in his speech.

The president described himself as a supporter of unions but did not respond to criticism of “betrayal” of union interests, approving of Congress trying to prevent a nationwide strike by railroad workers.

According to a Reuters/Ipsos poll released Tuesday, Biden’s public approval rating rose to 40 percent this week, helped by growing support within his Democratic Party.

The poll showed that Biden’s approval rating is still close to the lowest level of his presidency. The president’s approval rating rose 3 percentage points this week from 37% in the Nov. 21-22 poll. 78% of Democrats who took the poll said they approve of his performance in the White House, up from 73% in the previous poll. His support among Republicans was unchanged from last week, at 9%.