President Biden sought to capitalize on positive economic news that inflation numbers are cooling. He argued his policies are helping stabilize an economy battered by a global pandemic and a war in Ukraine. Rising gas prices and food costs created a noxious political picture for Democrats ahead of the midterm elections. Inflation figures for November are the lowest year-over-year increase in many months. Gas prices are lower than they were a year ago, but they are still high by historical standards.
House Ways and Means Committee chairman:. Grocery prices rose 12 percent over the last year.