Biden touts inflation reduction law despite sobering report

By ZEKE MILLER and JOSH BOAK
Associated Press

WASHINGTON (AP) — President Joe Biden has gathered a crowd at the White House to celebrate last month’s passage of the Inflation Reduction Act. But that’s as a new government report on Tuesday showed how hard it could be to return inflation to prepandemic levels. Despite its name, the law’s impact on inflation is expected to be modest at best. Although gasoline costs have declined since June, the price of housing and food remain especially high in a way that suggests there will be further Federal Reserve interest rate hikes and more economic pain to bring down prices.