US Inflation Falls, US President Not Worried About Recession

Economics & Macro

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Adi Ahdiat 14/10/2022 12:00 WIB

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US inflation reached 8.2% year-on-year (yoy) in September 2022, a slight decrease from the previous month. Despite this, President Joe Biden believes the US will avoid a recession.

United States Annual Inflation (January 2000-September 2022)

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United States Annual Inflation (January 2000-September 2022)

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The United States (US) experienced annual inflation of 8.2% (year-on-year/yoy) in September 2022. This inflation rate is lower than the previous month, but still significantly higher than in previous years, as shown in the graph.

US inflation at around 8% is also the highest in the last four decades.

In September 2022, US inflation was driven mainly by increases in housing, food, and healthcare price indices. Meanwhile, the energy price index decreased.

"The energy index fell due to lower gasoline prices, but natural gas and electricity prices rose," said the US Bureau of Labor Statistics in a press release on Thursday (October 13, 2022).

Despite the decrease, several economic analysts consider the US inflation rate still worrying.

"The Fed needs to react with tighter policy until inflation is under control," said Neil Birrel, an analyst from Premier Miton Investors, to the BBC on Thursday (October 13, 2022).

"This is bad news for the economy, especially for consumers. Interest rates will likely go even higher. It's hard to see anything positive in this situation," he continued.

On the other hand, US President Joe Biden sees this inflation as a sign of the US economic recovery from the pandemic's impact, citing strong job creation and low unemployment in the country.

"I don't think there will be a recession. If there is, it will be a very small recession," said US President Joe Biden, as reported by the BBC on Thursday (October 13, 2022). *(Note: There's a typo in the original source; the date should likely be October 13, 2022)*

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Inflation Falls, US President Not Worried About Recession

US Inflation Falls, US President Not Worried About Recession

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