Washington, January 13: 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. Also Read | New Nasal Spray Effective Against All COVID-19 Variants, Can Prevent Infection Upto 8 Hours; Check Details Here.

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. Also Read | Omicron ‘Dangerous’ Virus For Unvaccinated People, Warns WHO Chief Tedros Adhanom Ghebreyesus.

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.

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