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President Biden Calls Inflation Data 'Good News' for U.S. Families

He admits that there is still more work to do

President Joe Biden hailed Tuesday's inflation data as "good news for hard-working families." He said there was more work to do to bring down the cost of living in the country, according to a statement released by the White House.

In May, U.S. consumer prices barely rose, and the annual increase in inflation was the smallest in more than two years, though underlying price pressures remained strong, supporting the view that the Federal Reserve would keep interest rates unchanged on Wednesday while adopting a hawkish posture.

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