After statistics on Friday (Jun 10) revealed politically sensitive price pressures unexpectedly intensified in recent weeks, Joe Biden warned that US inflation could endure “for a while.”
At a Democratic fundraising dinner in Beverly Hills, Biden stated, “We’re going to live with this inflation for a long.” “It’ll go down gradually, but we’ll put up with it for a while.”
The cautious remarks were made at an event hosted by billionaire media magnate 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,” reducing as the Covid-19 epidemic recovery progressed.
However, as a result of Russia’s invasion of Ukraine, which diverted 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 12 months ending in May, according to Labor Department data, with fuel reaching a new high and food prices increasing.
The rising costs have proved a political concern for the Biden administration, which has tried many initiatives to cut prices but has emphasised that the Federal Reserve bears much of the responsibility for inflation control.
Biden went to the Port of Los Angeles on Friday to try to clear a backlog of products and accuse the US oil sector of profiting from a supply deficit.
The cautious words were delivered at an event hosted by billionaire media magnate Haim Saban, as the administration confronts rising pressure and Biden’s Democratic colleagues’ control of Congress is at risk.
Inflationary pressures would be temporarily reduced as the Covid-19 pandemic recovery continued, according to the administration and many professional economists.
Price pressures have spread to other commodities and services around the world as a result of Russia’s invasion of Ukraine, which diverted oil and food supplies from an already overstretched global market.
According to Labor Department data, consumer inflation in the United States has reached a new high, with fuel prices rising and food prices rising.
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The rising costs have been a political worry for the Biden administration, which has tried several price-cutting efforts while emphasising that the Federal Reserve carries much of the blame for inflation management.
On Friday, Biden headed to the Port of Los Angeles to try to clear a product backlog and accuse the US oil industry of profiteering from a supply shortage.
According to the administration and many professional economists, inflationary pressures would be “transitory,” easing as the Covid-19 outbreak recovered.
However, pricing pressures have spread to other commodities and services around the world as a result of Russia’s invasion of Ukraine, which diverted oil and food supplies from an already overstretched global market.
