Statement of President Joe Biden on Consumer Price Index in February
Today’s economic data tells the tale of two recoveries. Our jobs recovery remains strong. New unemployment claims remain low, as jobs are created at a record level. The rate of people on unemployment insurance is the lowest since 1970 – more than 50 years. And, private sector job growth is strong, boosted by the steps we took in the American Rescue Plan a year ago this week. At the same time, today’s inflation report is a reminder that Americans' budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike. A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions. As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than...