The United States is well-positioned to attack the increase in prices head-on, US National Economic Council Director Brian Deese said in a press briefing.
"Given the unique strength of the United States' economic recovery, overall growth, as well as the labor market, we are well-positioned to attack the challenges and prices and costs head-on," Deese said on Wednesday.
Earlier in the day, the US Labor Department reported that the US Consumer Price Index (CPI) rose by 7% in the year to December, marking the highest increase since 1982.
Deese said tackling the prices increase will require the expansion of the US productive capacity economy more cheaply across the country.
The US economy shrank by 3.5% in 2020 due to coronavirus pandemic measures. The Federal Reserve has projected a 4% growth for 2022, but the main problem it faces is rising inflation, which is running at 40-year highs amid soaring prices. (ANI/Sputnik):
( With inputs from ANI )
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