U.S. President Joe Biden said it will take more time to curb inflation even as Tuesday's consumer price data for August showed "more progress in bringing global inflation down in the U.S. economy."

Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1%, after a flat reading in July.

"It will take more time and resolve to bring inflation down," Biden said in a statement released by the White House that also pointed to the recently-passed Inflation Reduction Act, which the president is scheduled to address in remarks later on Tuesday.

• Inflation Slows Slightly but Remains High at 8.3%