Biden explained why inflation will go down

U.S. President Joe Biden said he expects inflation to slow in the coming weeks due to falling energy prices. U.S. inflation in October was an annualized 6.2 percent, a record for more than 30 years, and inflation estimates for November are expected on Friday.

“Tomorrow we’ll get a report on consumer prices. Experts say they will be elevated again, part of the reason being energy prices and used car prices. Fortunately, energy prices have fallen in the weeks since the data were collected in tomorrow’s report,” Biden said in a written statement.

Biden said natural gas prices this week were 25 percent lower than the November average and that gasoline prices in several U.S. states have begun to fall.

“The information being circulated tomorrow on energy in November does not reflect today’s reality, nor does it reflect expected price reductions in the coming weeks and months, such as in the auto market. We need to focus on specific actions we can take to fight higher prices,” Biden said.

He also noted the sharp drop in unemployment claims due to the post-pandemic economic recovery.