U.S. Commerce Secretary Gina Raimondo is insisting that the Biden administration’s efforts to curb rising prices are working despite the fact that core inflation in the country has jumped to its highest level in four decades.
Though inflation is “higher than we would like it to be,” the good news is that housing costs and core inflation are “starting to cool” down, Raimondo said in an Oct. 13 interview with Bloomberg. She claimed that the Democrat-supported Inflation Reduction Act that was passed a couple of months ago and the actions of the Federal Reserve, which has been raising interest rates to combat rising prices, will work to dampen inflation.
