United States President Joe Biden welcomed the inflation report which continues to show that price pressures are easing in the country.
Biden said in his latest statement on Tuesday, price pressure is decreasing and he hopes it will return to normal by the end of 2023.
Even so, he warned that efforts to lower inflation increased the potential for recession, saying it should not be taken lightly.
Biden emphasized his goal is to control price increases without affecting economic growth and lower inflation while keeping the labor market resilient.
He added that prices for most items are still high but gas prices are now seen to be lower than a year ago, while food inflation increased slowly last month.
The US consumer price index (CPI) rose less than expected for the second month in a row in November after reaching a peak in June of 9.1%.
This gives the impression of a slower increase in interest rates from the Federal Reserve (Fed) which will make a policy setting decision early Thursday morning (Malaysian time).
