WASHINGTON — President Joe Biden can make an increasingly strong case that he’s helped fix inflation — if only he can get voters to believe him.
Figures issued this past week reflected a historic level of progress on battling high prices, hinting that inflation could be near the Federal Reserve’s 2% target around the time of November’s election. The consumer price index posted an an annual increase of 3.4%, but the prices charged by the producers of goods and services rose a meager 1% over the past year.
Current and former aides say Biden is eager to do more to bring down inflation, after a price surge in 2021 and 2022 crushed his public approval ratings in a way that is dragging down his reelection efforts. They see reasons for optimism with improving consumer sentiment.
“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”
The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? The answer could hinge on how people feel about the costs of necessities such as gasoline and eggs.