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President Joe Biden is ready to speak on the latest inflation report, which showed that US prices have been rising at their fastest annual rate since the early 1980s.
Government economists said on Friday that prices rose 1% between April and May. The jump last month pushed the national price increase to 8.6% on an annual basis, the hottest pace since 1981.
In a statement issued before his live speech in Los Angeles, Biden assured Americans that his administration is exploring every opportunity to help reduce costs.
“Today’s report highlights why I have made the fight against inflation my top economic priority,” Biden said in a statement.
He again blamed Russian President Vladimir Putin and Russia’s invasion of Ukraine for record high gasoline prices. The average national price per gallon of regular gasoline reached a new all-time high on Friday at $ 4,986.
US President Joe Biden speaks during a visit to the Port of Los Angeles during the Ninth Summit of the United States in Los Angeles, California, USA, June 10, 2022.
Kevin Lamarck Reuters
“Putin’s rise in prices hit hard in May here and around the world: high gas prices, energy and food prices account for about half of the monthly price increases, and gas pump prices have risen by $ 2 a gallon. “Many places have since begun to threaten Ukraine,” he added. “Even as we continue to work to protect freedom in Ukraine, we need to do more – and quickly – to bring prices down here in the United States.
Biden called on Congress to pass legislation to reduce prescription drug, energy and energy prices, and highlighted efforts to increase U.S. oil and gas production. At the same time, he warned energy leaders not to abuse the shrinking global oil supply “as a reason to make things worse for families with excessive profits or price increases”.
Economists say that while the president and his economic team are doing everything possible to increase the supply of goods and services, ordinary Americans will probably have to wait a little longer to slow the rise in prices.
The Federal Reserve, the U.S. central bank responsible for managing inflation, has begun raising interest rates and withdrawing Covid-19 incentives in a bid to test consumer and corporate demand for loans.
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