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Biden says US in strong position to bring inflation down

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NEW YORK, US - A screen displays market activity at the New York Stock Exchange on October 5, 2022 in New York City. (Lokman Vural Elibol - Anadolu Agency)
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Oct 14, 2022 - 03:03 AM

ANKARA (AA) – President Joe Biden said Thursday that the US remains in a strong position to bring down inflation and maintain a resilient job market despite global economic challenges.

His remarks came after he met his economic team to receive a briefing on the global economy and financial markets as inflation in the world’s largest economy still hovers around its highest level in more than four decades.

“President Biden’s economic plan continues to position the US economy for stronger growth and investment in the United States,” the White House said in a statement.

Biden directed his economic team to stay in close contact with key market actors, partners and allies concerning evolving conditions.

The president’s comments came hours after consumer inflation came in at 8.2% in September, slightly easing from the 8.3% yearly gain in August, but posting a higher rate than the market estimate of 8.1%.

Record inflation is reflected in US consumer food and energy prices.

The White House said earlier that the decision by the OPEC+ group, led by Saudi Arabia and Russia, to trim oil production by 2 million barrels per day is regarded as a “moral and military support” for Moscow’s war against Ukraine.

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