Biden Warns Companies To Bring ‘Prices Back Down’ Even as Inflation Persists
The president touted the lower annualized inflation rate but blamed the companies themselves for higher prices, rather than government policies.
This week, the White House announced the launch of a Council on Supply Chain Resilience, created with the hope to “strengthen America’s supply chains” and “lower costs for families.”
Kinks in the supply chain are indeed partly to blame for the persistent inflation that has dogged American consumers for more than two years now. While inflation has fallen in recent months, the annualized rate remains over 3 percent; so-called “core inflation,” which excludes food and energy, was at an annualized rate of 4 percent in October, double the Fed’s target rate.
President Joe Biden delivered remarks from the White House on Monday to announce the new council’s creation. He touted the lower inflation rate and falling grocery prices but admonished American companies for, in his view, not going far enough.
“Let me be clear: To any corporation that has not brought their prices back down—even as inflation has come down, even as supply chains have been rebuilt—it’s time to stop the price gouging,” Biden warned, imploring them to “giv[e] the American consumer a break.”
.@POTUS: "To any corporation that has not brought their prices back down, even as inflation has come down, even as supply chains have been rebuilt – it's time to stop the price gouging." pic.twitter.com/IeKnLJjn7W
— The Hill (@thehill) November 27, 2023
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