President Joe Biden claimed that U.S inflation rates were falling and that prices would return to normal at the end of next year.
Inflation has been skyrocketing since mid-2021, owing to trillions of dollars in government stimulus spending that weakened the power of the U.S. dollar, a supply chain crisis and an imbalance in demand caused by COVID-19 lockdowns, Moscow’s invasion of Ukraine, and higher energy prices.
U.S. consumer prices rose less than expected in November, for the second time in a row, with the smallest annual increase in inflation in nearly a year, according to the U.S. Bureau of Labor Statistic’s Consumer Price Index (CPI) on Dec. 13….