'More time' needed to lower inflation but data shows 'progress': Biden

President Joe Biden said data Tuesday showing US inflation at 8.3 percent demonstrates that "more time" will be required to get prices under control but that "progress" has been made.

"Today's data show more progress in bringing global inflation down in the US economy. Overall, prices have been essentially flat in our country these last two months," Biden said.

However, "it will take more time and resolve to bring inflation down."