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Biden Expects More Ups, Downs for US Economy in 2023 After Latest Inflation Report

© AFP 2023 / BRENDAN SMIALOWSKIUS President Joe Biden delivers a Christmas address
US President Joe Biden delivers a Christmas address - Sputnik International, 1920, 23.12.2022
WASHINGTON (Sputnik) – US President Joe Biden said on Friday he foresees more ups and downs for the nation's economy in the year ahead after the Federal Reserve’s preferred inflation gauge showed prices continued to moderate in November.
"Today’s report shows that incomes are up and inflation is coming down – while our job market remains strong," Biden said in a statement. "There will be more ups and downs in the year ahead, but we are making progress building an economy from the bottom up and the middle out and I’m optimistic for the year ahead."
The U.S. Capitol building is seen before sunrise on Capitol Hill in Washington, Monday, March. 21, 2022. - Sputnik International, 1920, 22.12.2022
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Biden noted that the United States will celebrate Christmas with lower gas prices, and food prices showing the lowest increase in a year.
Earlier in the day, the Commerce Department said that the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Index, grew 5.5% during the year to November, easing slightly from a previous rate of 6%.
According to a price table compiled by the American Automobile Association (AAA), the national average price of regular gasoline was $3.096 per gallon on Friday, a decrease from $3.293 a year ago. The record of $5 was recorded on June 14.
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