Wages in the U.K. are rising at a record high rate amid stubbornly high inflation.

President Joe Biden is holding a news conference Thursday morning to deliver remarks about the economy and his administration’s efforts to tackle inflation.

Holiday sales were up this year despite high inflation, according to Mastercard, and even though Christmas is over, malls are expected to be packed this week.

Federal Reserve Governor Lisa Cook says more interest rate increases will be necessary to wrestle inflation under control.

The Congressional Budget Office says that high inflation will persist into next year.

Inflation is painfully high, but this hopefully is close to as bad as it gets.