Joe Biden warns US inflation

Web Desk

11th Jun, 2022. 12:34 pm
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Consumer inflation in the United States reached a 40-year high of 8.6% in the year ending in May.
Inflationary pressures, according to the administration and many professional economists, would be “transitory,” diminishing as the recovery from the Covid-19 outbreak progressed.
Biden visited the Port of Los Angeles on Friday.

President Joe Biden warned that US inflation could endure “for a while,” after data on Friday showed that politically sensitive price pressures have unexpectedly accelerated in recent weeks.

“We’re gonna live with this inflation for a while,” Biden stated a Democratic fundraising event in Beverly Hills. “It’s gonna come down gradually, but we’re going to live with it for a while.”

The cautious remarks came at an event organised by billionaire media mogul Haim Saban, as the government faces mounting pressure ahead of the Nov. 8 midterm elections, in which Biden’s fellow Democrats’ control of Congress is at stake.

Inflationary pressures, according to the administration and many professional economists, would be “transitory,” diminishing as the recovery from the Covid-19 outbreak progressed.

However, as a result of Russia’s invasion of Ukraine, which drained oil and food supplies from an already overstretched global market, pricing pressures have spread to other goods and services around the world.

Consumer inflation in the United States reached a 40-year high of 8.6% in the year ending in May, as per Labor Department data, with fuel reaching a new high and food prices skyrocketing.

Joe Biden visited the Port of Los Angeles on Friday, where he attempted to clear a backlog of commodities and accused the US oil sector of profiting from a supply deficit.