President Joe Biden is set to highlight his administration’s efforts to lower prescription drug costs as part of his three-state Western tour this week, as he confronts a sobering inflation report in the waning weeks before midterm elections.
President Joe Biden speaks about infrastructure investments at the LA Metro, D Line Extension Transit Project - Section 3, in Los Angeles, Thursday, Oct. 13, 2022.
Consumer prices, excluding volatile food and energy costs, jumped 6.6% in September from a year ago — the fastest pace in four decades. And on a month-to-month basis, such “core” prices soared 0.6% for a second straight time, defying expectations for a slowdown and signaling that the Fed’s multiple rate hikes have yet to ease inflation pressures. Core prices typically provide a clearer picture of underlying price trends.
“From prescription drugs, to health insurance, to energy bills, and so much more,” he said. “We’re standing up for working people and their right to get a raise and get a better job.”
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