President Joe Biden is about to talk about the latest inflation report, which showed that prices in the United States have been growing at their fastest annual rate since the early 1980s. Government economists said on Friday that prices had risen 1% between April and May. The jump last month pushed up national prices on an annual basis to 8.6%, the highest rate since 1981. In a statement issued ahead of his live broadcast in Los Angeles, Biden assured Americans that his government was exploring any options available to cut costs. “Today’s report highlights why I have made the fight against inflation one of my top economic priorities,” Biden said in a statement. He again blamed Russian President Vladimir Putin and Russia’s invasion of Ukraine for record gasoline prices. The national average price for a 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 Lamarque | Reuters “Putin’s price hikes hit hard here in May and around the world: high gas prices at pump, energy and food prices accounted for about half of monthly price increases and petrol pump prices rose “At $ 2 a gallon in many places since then. Russian troops have begun threatening Ukraine.” “Even as we continue to work for freedom in Ukraine, we must do more – and faster – to reduce prices here in the United States.” Biden called on Congress to pass legislation to cut shipping, prescription drug and energy prices, and highlighted efforts to increase U.S. oil and gas production. At the same time, he warned energy executives not to abuse the contraction in global oil supplies “as a reason to make matters worse for families with excessive profits or price increases.” Economists say that while the president and his finance team are doing all they can to boost supply of goods and services, everyday Americans will probably have to wait a little longer for prices to slow. The US Federal Reserve, the central bank responsible for managing inflation, has begun raising interest rates and withdrawing stimulus measures from Covid-19 in a bid to curb consumer and business demand for loans. Subscribe to CNBC on YouTube.
