Inflation drops as consumer prices increase, according to October data
Sen. Marsha Blackburn, R-Tenn., reacts to how the Biden administration is looking to tackle inflation on ‘The Evening Edit.’
President Biden claimed his economic plan is working, as he released a statement Thursday evening to boast that Americans are "starting to feel" its impact.
"Folks, my economic plan is showing results. The people are starting to feel it," Biden said in a video shared on Twitter. "We're making progress on bringing down inflation without losing jobs."
He added: "Americans are already paying around $1.20 less per gallon of gas than they were this summer."
Gas prices were the highest ever recorded this summer and some experts attributed this to Biden’s discontinuation of domestic oil production and failure to allow oil companies to boost their supplies.
INFLATION HOLDS GRIP ON US ECONOMY IN OCTOBER AS PRICES REMAIN STUBBORNLY HIGH