London Daily

Focus on the big picture.
Saturday, Oct 17, 2026

Biden says White House must tackle rising inflation as consumer prices surge: 'More to be done'

Biden says White House must tackle rising inflation as consumer prices surge: 'More to be done'

President Biden on Friday acknowledged the White House needs to tackle rising inflation as higher prices for everyday goods squeeze American families, urging Congress to pass his sweeping economic agenda that he suggested could help quell the recent spike.

Biden downplayed concerns that two sprawling spending packages will contribute to a recent bout of inflation that has caused wild increases in consumer prices. He argued that provisions of a $1.75 trillion ($1,750,000,000,000) climate and family plan and a bipartisan $1.2 trillion ($1,200,000,000,000) core infrastructure bill could actually drive prices lower.

"There's a lot more to be done," Biden said during remarks at the White House. "We still have to tackle the costs that American families are facing. This recovery is faster, stronger, fairer and wider than almost anyone could have predicted. But we want to make sure people continue to feel it in their lives."

The president pointed to a rebound in job growth last month and the declining unemployment rate as evidence that his economic plan is working.


The Labor Department said in its Friday report that employers added 531,000 jobs last month, well above Wall Street's expectations for a gain of 450,000. The unemployment rate fell to 4.6% last month, from 4.8% in September. While a relatively low level, it's still well above the pre-pandemic jobless rate of 3.5%.

"Before we passed the American Rescue Plan, forecasters said it would take until the end of 2023 to get to the 4.6 unemployment rate," Biden said, referring to a $1.9 trillion stimulus bill that Democrats passed in March. "Today we’ve reached that rate two years before forecasters thought it was possible."

The data comes at a pivotal time for the Biden team as Americans are growing increasingly worried about the health of the economy and its recovery from the pandemic. A recent Fox News poll found that almost 9 in 10 voters are worried about inflation, while the president's approval rating on the economy have plummeted to just 39%.


Inflation, as measured by the Federal Reserve's preferred gauge, is at the highest level since May 1991. (In September, the so-called core personal consumption expenditures price index jumped to 4.4%, well above the Fed's preferred target of 2%.) Still, Chairman Jerome Powell has not backed away from his stance that inflation is likely transitory and expected to cool next year.

"The timing of that is highly uncertain," Powell told reporters this week following the Fed's two-day policy-setting meeting. "But certainly we should see inflation moving down by the second or third quarter."

Powell has repeatedly blamed the highest inflation in 30 years on supply chain bottlenecks, pandemic-induced shortages and pent-up consumer demand and pushed back on the idea that wage pressure from an incredibly tight labor market is what's driving inflation.

"Our baseline expectation is that supply bottlenecks and shortages will persist well into next year and elevated inflation as well," he told reporters. "And that, as the pandemic subsides, supply chain bottlenecks will abate and job growth will move back up. And as that happens, inflation will decline from today's elevated levels."

Newsletter

Related Articles

0:00
0:00
Close
Former UUP leader Jeffrey Donaldson sentenced to 15 years in prison for historical child sex offences
UK ministers adopt independent commission blueprint to fast-track AI in the NHS
Labour leadership orders local councillors to end power-sharing deals with Green Party
UK government considers regulatory intervention in proposed Sky and ITV merger
Environment Agency declares severe drought across six English regions as reservoirs hit critical lows
NHS England issues new guidance prohibiting transgender women from female-only wards
Norwegian teenager sentenced to 20 years for part of Iran-backed assassination plot in Britain
UK government threatens complete visa ban on Eritrea over refusal to accept deportees
UK Treasury lobbies UBS to move global headquarters to London amid banking sector tax threats
MI5 Warns of Growing Russian Sabotage and Espionage Threats Across Britain
UK Prime Minister Andy Burnham Plans Brussels Talks to Renegotiate Post-Brexit Trade Deal
MI5 Warns of Rising Russian and Iranian Sabotage Threats to British Military Facilities
UK Prime Minister Andy Burnham Pledges Closer EU Ties as MI5 Reveals Russian Brexit Interference
UK Orders Security Review Following Reported Killing of Former Politician Ann Widdecombe
UK Prime Minister Andy Burnham Meets German Chancellor Merz to Strengthen European Security Ties
Nearly 100,000 NHS Patients Treated in Hospital Corridors as England Braces for Winter Pressures
UK Government Rejects US-Russia Diesel Agreement and Reaffirms Sanctions Against Moscow
UK and Germany Agree to Deepen Security and Economic Cooperation Following Berlin Talks
British Prime Minister Burnham Pledges Closer EU Ties During Visit to Germany
UK Announces New Sanctions on 17 Russia-Linked Entities During Foreign Secretary's Ukraine Visit
UK and Germany Finalize Kensington Treaty to Strengthen Defense and Technology Cooperation
Britain Maintains Diplomatic Mission in East Jerusalem Despite Israeli Closure Deadline
English Councils Push Government to Rethink Proposed Funding Cuts
Scottish Homebuilding Falls to Lowest Level in 11 Years
BBC Chief Matt Brittin Defends Restructuring as Staff Challenge Job Cuts
UK Finance Warns High Energy Costs and Bond Yields Are Complicating Fiscal Outlook
UK Adopts All 44 Recommendations on Regulating AI in Healthcare
Chancellor John Healey Prepares Autumn Budget as Borrowing Costs Strain Public Finances
UK Investigators See Strong Indications of Iranian Link After RAF Fairford Security Operation
Laura Trott Pledges Tighter Controls on Political Activism in UK Classrooms
Welsh Ministers Launch Long-Term Review of North Wales and Anglesey Crossings
Welsh Government Orders 18-Month Study of Road Solutions Around Newport
Reform UK MP Sarah Pochin Faces Scrutiny Over £800,000 Second Home Purchase
British Households Grow More Concerned About Fuel and Energy Prices
NHS Leaders Warn of Rising Winter Pressure on Emergency Departments
Kemi Badenoch Proposes £2.3 Billion Employer National Insurance Cut for Young Workers
Middle East Conflict Could Erase UK Fiscal Headroom, Economists Warn
Manchester City Found Guilty of Multiple Premier League Financial Rule Breaches
UK Security Services Find Strong Indications of Iranian Role in RAF Fairford Incident
Costa Coffee Returns to Operating Profit on Iced Drinks and Menu Changes
Asos Warns Customers After Unauthorized Access to Retail App and Data
Kemi Badenoch Puts Growth and Deregulation at Center of Conservative Conference
Campaigners Warn of Deepening Social Care Crisis for Disabled Adults
Study Finds Rising Early-Onset Cancer Rates Among Adults Under 50 in Britain
UK Coach Operators Warn High Diesel Prices Could Force Route Cuts
FCA Opens Independent Review Into Handling of Epstein-Linked Whistleblower Case
Argentina Vows to Block Falkland Islands Offshore Oil Development
UK Chancellor Prepares Fiscal Measures and Welfare Reforms Ahead of Autumn Budget
Sainsbury’s and Morrisons Explore Potential Multi-Billion-Pound Merger
UK Weighs Tariffs on Chinese Electric Vehicles to Align With European Union
×