The Consumer Price Index surged 6.2% since last October, the largest 12-month increase since November 1990, the government says.
have exacerbated the mounting inflation fears among policymakers.
President Joe Biden reacted to the new economic data in a statement Wednesday morning, saying that addressing inflation was a"top priority" for his administration and touting his Build Back Better plan as a way to ameliorate the economic pain it causes. Biden said he has directed his National Economic Council"to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector."
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