President Biden argued on Tuesday that his economic policies are working after a Labor Department report showed inflation cooled down considerably in November.
Prices rose 7.1% in November compared with a year earlier, down from the 7.7% increase recorded in October, according to the Labor Department’s Consumer Price Index.
“This provides some reason for optimism for the holiday season and, I would argue, for the year ahead,” Mr. Biden said from the White House. “In a world where inflation is rising in double digits in many major economies around the world, inflation is coming down in America.