Biden: 'Top priority' getting prices under control

As inflation spirals, President Joe Biden said Tuesday in his first State of the Union address that his "top priority" is getting inflation and prices under control. Biden outlined plans to address inflation by reinvesting in American manufacturing capacity, speeding supply chains and reducing the burden of childcare and eldercare on workers. U.S. President Joe Biden said "We have a choice," Biden said. "One way to fight inflation is to drive down wages and make Americans poorer. I have a better plan to fight inflation. Lower your costs, not your wages."

A key inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen with Russia's invasion of Ukraine. It was the largest year-over-year rise since 1982.