Amid ongoing debates over inflation and rising living costs, Jared Bernstein, Chair of the U.S. Council of Economic Advisers, defended the administration’s economic strategies during a recent discussion on gas and food prices. Bernstein pointed out that, according to data from the travel organization AAA, the current average gas price of $3.58 per gallon remains unchanged from the same period last year.
From 2020 to 2024, food prices have increased an average of 26%, according to figures released by the USDA.
Bernstein acknowledged the economic pressures families continue to face but emphasized the administration’s commitment to those most affected by high living costs.
He noted a modest decrease in grocery prices, which have fallen by 0.2% in the last month, suggesting some relief for consumers. This data is part of a broader argument by the administration that, despite high prices, there is evidence of stability and slight improvement in certain sectors.
The administration’s approach focuses on maintaining steady progress and managing the economic challenges, reinforcing its dedication to supporting American families during fluctuating economic times.