Inflation Gas and Used Car Prices up by 41%

President Joe Biden on hit back against inflation concerns and took a victory lap for his recent Senate wins, citing a series of economic reports released in recent days that he says show his plans for the American economy are working.

The President also outlined a number of new steps his administration is taking to lower consumer costs, like groceries and oil.

report on showed that U.S. consumer price increases slowed in July, signalling a possible peak, though inflation remained at a 13-year high.

The rising tide of inflation has sparked worries that the Fed will begin to pull back on its policies designed to stimulate the economy.

Higher prices of everything from homes to gasoline and shortages in supplies that were affected by COVID-19 social-distancing protocols threaten a recovery that has been Biden’s focus since taking office in January, along with ending the public health crisis.

Additional read: Biden Town Hall: Fact-Checking His Inflation & Infrastructure Claims | National Review