ANI
13 Jan 2022, 11:55 GMT+10
Washington [US], January 13 (ANI/Sputnik): The United States is well-positioned to attack the increase in prices head-on, US National Economic Council Director Brian Deese said in a press briefing.
"Given the unique strength of the United States' economic recovery, overall growth, as well as the labor market, we are well-positioned to attack the challenges and prices and costs head-on," Deese said on Wednesday.
Earlier in the day, the US Labor Department reported that the US Consumer Price Index (CPI) rose by 7% in the year to December, marking the highest increase since 1982.
Deese said tackling the prices increase will require the expansion of the US productive capacity economy more cheaply across the country.
The US economy shrank by 3.5% in 2020 due to coronavirus pandemic measures. The Federal Reserve has projected a 4% growth for 2022, but the main problem it faces is rising inflation, which is running at 40-year highs amid soaring prices. (ANI/Sputnik):
Get a daily dose of Michigan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Michigan Sun.
More InformationNEW YORK, New York - U.S. stocks fell Tuesday, with broad-based losses across the board. The technology sector, however, wore ...
ISTANBUL, Turkey: Turkey's current accounts are expected to record a deficit of $3.4 billion in June and end the year ...
SYDNEY, NSW, Australia - Stocks in Asia were mixed Tuesday while in the Pacific, markets rose. The scene mirrored events ...
DHAKA, Bangladesh: Bangladesh raised fuel prices by some 50 percent this week, which is aimed at reducing the country's subsidy ...
NEW YORK, New York - U.S. stocks closed mixed on Monday as investors fret about CPI data due to be ...
NEW YORK CITY, New York: Amazon announced this week that it had purchased robotic vacuum maker iRobot for approximately $1.7 ...
SOLOMON ISLANDS: In a move that opponents said is aimed at controlling and censoring the media, the government of the ...
WASHINGTON D.C.: In July, a Florida man was killed by exploding Takata airbag inflators, possibly becoming the 20th death in ...
Israel has launched an unprovoked war against the Palestinian resistance group Islamic Jihad. The Israeli army assassinated a high-ranking commander ...
ISLAMABAD, Pakistan - Pakistan categorically denied on Thursday that a U.S. drone strike in Kabul that killed al-Qaeda chief Ayman ...
EAST NUSA TENGGARA, Indonesia: Hundreds of Indonesian tourism workers went on strike this week to protest a sharp rise in ...
NASSAU, Bahamas: A team of explorers have announced that they have uncovered a treasure, including coins, gemstones and priceless jewels, ...