Inflation offers steep hike for Biden | TheHill

“We saw a welcome deceleration in the rate of price increases in a number of respects,” White House National Economic Council Director Brian DeeseBrian DeeseBiden's unending dilemma: Dealing with Joe Manchin Biden administration unveils efforts to add to trucking workforce Overnight Energy & Environment — Top land management staffers returning to DC MORE told reporters during a briefing, adding that data is “moving in the right direction.” At-home food price increases slowed and gas prices actually fell, which Biden highlighted in a statement as evidence his administration is making progress in slowing down the rate of price hikes.“Politically, the fact that gas prices are falling, not rising, is really good news,” said Jason FurmanJason FurmanPerplexing jobs report raises concerns about absent workers Manchin's 'intervention' may have saved the Democratic Party — for now Liberal economists got the memo: Build Back Better couldn't possibly worsen inflation MORE, who chaired the Council of Economic Advisers under former President ObamaBarack Hussein ObamaOvernight Health Care — Biden officials take heat at Senate hearing Fauci clashes with Paul, says attacks kindle 'the crazies' Powell pledges Fed will prevent inflation from becoming 'entrenched' MORE. “The inflation sting is still going to be hurting come November, even though it will be down a lot,” said Zandi, who estimated that inflation would be about half what it is currently, or 3.5 percent, by Election Day.The White House and Democrats have argued that passing Biden’s climate and social policy bill will help offset rising costs by lowering expenses for American families. In November, the administration also released 50 million barrels of oil from the nation’s Strategic Petroleum Reserve to help ease energy prices.Deese told reporters that the administration plans to take further “practical” actions at ports, such as imposing fees on empty idling containers and setting up inland locations for ports so they can move containers faster off docks.He also said the White House would continue to push for Build Back Better.Jared BernsteinJared BernsteinAnnual inflation hits 30-year high The Hill's Morning Report - Presented by Facebook - GOP dealt 2022 blow, stares down Trump-era troubles Expected price increases raise political stakes for Biden MORE, a member of the White House Council of Economic Advisers, said on CNN Wednesday that Congress should pass a bill that would boost semiconductor production that has stalled in the House.