In the wake of encouraging inflation data, US President Joe Biden hopes it can save his administration in the ongoing midterm elections.
Speaking at a Democratic National Committee event in Washington, Biden proudly stated that his economic agenda is working.
He said, this decrease is a very positive sign for the resilience of economic recovery, but it will take time to return inflation to normal levels.
While acknowledging that there is a risk of a downturn, Biden and his administration will focus more on dealing with it.
He said his constituents have supported the effort and Americans will see more changes in the coming months as his policies take effect.
Although inflation is still rising, new data showed consumer price increases eased more than expected last month.
That's a positive sign that inflation's record highs in four decades are easing, which may give the Federal Reserve room to slow its aggressive rate hikes.
As of now, the results of the election are still unknown with Republicans seen leading the way in winning seats in both the US House of Representatives and the US Senate.
