US inflation could last 'for a while,' as per Joe Biden
Key Takeaways:
- President Joe Biden warned on Friday that US inflation could last "for a while" as statistics showed politically sensitive price pressures accelerated unexpectedly in recent weeks.
- Biden went to the Los Angeles Port to try to clear a backlog of commodities and accuse the US oil sector of profiting from a supply deficit.
After data on Friday revealed that politically sensitive price pressures surprisingly accelerated in recent weeks, President Joe Biden cautioned that US inflation could endure "for a while."
Biden stated at a Democratic fundraiser in Beverly Hills, "We're going to live with this inflation for a while." "It'll go down gradually, but we'll put up with it for the time being."
The cautious words were made at an event hosted by billionaire media mogul Haim Saban, as the administration is under increasing pressure ahead of the Nov. 8 midterm polls, in which Biden's Democratic colleagues' control of Congress is at issue.
Per the administration and many professional economists, inflationary pressures would be "transitory," fading as the recovery from the Covid-19 outbreak continued.
However, pricing pressures have spread to other commodities and services worldwide due to Russia's war on Ukraine, which emptied oil and food supplies from the already overstretched global market.
Consumer inflation in the United States reached a 40-year high of 8.6% in the year ending in May, according to Labor Department data, with fuel reaching a new high and food prices skyrocketing.
The rising costs have caused a political concern for the Biden administration, which has tried many initiatives to cut prices but has stated that the Federal Reserve has much of the responsibility for inflation control.
On Friday, Biden went to the Port of Los Angeles to try to clear a backlog of goods and accuse the US oil industry of profiteering from a supply shortage.