Biden says CPI report shows U.S. has made progress on inflation and ‘on the right track’

President Joe Biden on Tuesday said a fresh report on the consumer price index reflected progress but there was still more work to do. “Today’s data reinforces that we have made historic progress and are on the right track, and now we need to finish the job,” he said in a statement. The CPI rose 0.5% in January, but the annual rate of increase fell a tick to 6.4%.