US President Joe Biden said Friday price and cost increase are slowing, although not as quickly as desired, after inflation in the country hit its highest level in almost 40 years.

"Today’s numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic -- prices are rising," he said in a statement released by the White House.

"Even with this progress, price increases continue to squeeze family budgets. We are making progress on pandemic related challenges to our supply chain which make it more expensive to get goods on shelves, and I expect more progress on that in the weeks ahead," he added.

US consumer prices rose 6.8% in November on an annual basis, as it marked the largest 12-month increase since June 1982, the US Labor Department reported earlier.

The food index rose 0.7% in November, while the energy index increased 3.5% and the gasoline index soared 6.1%. On an annual basis, they were up 6.1%, 33.3% and 58.1%, respectively.

Biden said half of the price increases are in cars and energy costs from November, while there have been significant energy price reductions since then.

"Gas prices nationally are down from their peak; prices in 20 states are already below their 20-year average and the price of natural gas is down 25% from its November average," he explained.

"But we have to get prices and costs down before consumers will feel confident in that recovery," he added./aa