The U.S. has made progress toward lower inflation

The U.S. economy is making progress in efforts to reduce inflation, President Joe Biden said in a statement released Tuesday.

Overall, prices in the country have been virtually unchanged over the past two months. Gasoline prices have fallen by an average of $1.30 a gallon since the beginning of summer. This month there has been a slowdown in food price increases compared to the previous month. Real wages rose again for the second straight month.

This data is cited in the president’s statement.

In this regard, the White House head stresses the importance of the “Inflation Reduction Act,” passed a month ago.

“It will take more time and determination to bring down inflation, which is why we passed the Inflation Reduction Act, to bring down the cost of health care, prescription drugs and energy,” Biden said. – “And my economic plan shows that by lowering prices, we create good-paying jobs and bring manufacturing back to America.