Biden cites progress in tackling U.S. inflation

The United States is seeing initial signs of progress in tackling inflation, President Joe Biden said after U.S. consumer spending data released on Thursday showed spending accelerated while inflation pressures moderated.

"We are seeing initial signs that we are making progress in tackling inflation, even as we make the transition to more steady, stable economic growth," Biden said in a statement released by the White House.

"It will take time to bring inflation back to normal – and there could be setbacks along the way – but the American people should have confidence that our plan to tackle inflation, without giving up all the historic economic gains American workers have achieved, is working," he added.