Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

HILL TAX BRIEFING: Inflation Remains Obstacle for Biden Agenda

Jan. 13, 2022, 11:13 AM

The consumer price index rose 7% in 2021, the largest 12-month increase in inflation since June 1982. Wednesday’s inflation report from the Labor Department could presage a hike in Federal Reserve interest rates as soon as March.

President Joe Biden released a statement spinning the report as a sign of progress, saying it “shows a meaningful reduction in headline inflation” in December with falling prices for gas and food.

“At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets,” Biden said. ...