Biden warns U.S. inflation could last ‘for a while’ By Reuters

By Trevor Hunnicutt

BEVERLY HILLS, Calif. (Reuters) – President Joe Biden cautioned that U.S. inflation may final “for some time” after knowledge on Friday confirmed that politically delicate worth pressures unexpectedly accelerated in latest weeks.

“We’re gonna stay with this inflation for some time,” Biden mentioned at a Democratic fundraising occasion in Beverly Hills. “It is gonna come down regularly, however we will stay with it for some time.”

The cautious feedback at an occasion hosted by billionaire media magnate Haim Saban got here because the administration faces growing strain forward of Nov. 8 midterm elections, the place Biden’s fellow Democrats’ management of Congress is on the road.

The administration and {many professional} economists initially thought that inflation pressures can be “transitory,” easing because the restoration from the COVID-19 pandemic continued.

However worth pressures have solely expanded to further items and companies globally because the Russian invasion of Ukraine took oil and meals provides off an already stretched international market.

U.S. client inflation hitting a 40-year excessive 8.6% within the 12 months via Might, with gasoline marking a report excessive and the price of meals hovering, Labor Division knowledge confirmed.

The surging prices have turn out to be a political headache for the Biden administration, which has tried a number of measures to decrease costs however mentioned a lot of the duty to regulate inflation falls to the Federal Reserve.

Biden on Friday visited the Port of Los Angeles, the place he has sought to clear a backlog of products and accused the U.S. oil business of capitalizing on a provide scarcity to fatten income.