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

U.S. President Joe Biden speaks throughout a go to to the Port of Los Angeles, through the Ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Kevin Lamarque

BEVERLY HILLS, Calif., June 10 (Reuters) – President Joe Biden cautioned that U.S. inflation may final “for some time” after information on Friday confirmed that politically delicate value pressures unexpectedly accelerated in current weeks.

“We’re gonna dwell 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 dwell with it for some time.”

The cautious feedback at an occasion hosted by billionaire media magnate Haim Saban got here because the administration faces rising stress 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 could be “transitory,” easing because the restoration from the COVID-19 pandemic continued.

However value 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. shopper inflation hitting a 40-year excessive 8.6% within the 12 months by way of Could, with gasoline marking a report excessive and the price of meals hovering, Labor Division information confirmed. learn extra

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 manage 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 earnings. learn extra

Reporting by Trevor Hunnicutt in Beverly Hills, Calif.; Enhancing by William Mallard

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