By Trevor Hunnicutt
BEVERLY HILLS (California) – President Joe Biden warned that U.S. Inflation could persist “for a while”, after Friday’s data showed that price pressures that are politically sensitive had unexpectedly accelerated over the past week.
Biden told a Beverly Hills Democratic fundraising event that “We’re going gonna live with inflation for a while.” We’ll live with this inflation for some time, even though it will eventually fall.
As the Obama administration is under increasing pressure before the Nov. 8 midterm elections where Biden and his fellow Democrats are in control of Congress, the cautious comments made at the Haim Saban hosted event were a warning sign.
Many professional economists and the administration initially believed that inflation pressures were “transitory,” with easing occurring as the recovery from COVID-19 continued.
As a result of the Russian invasion, oil and food supply have been taken off a already stretched global marketplace.
U.S. consumer inflation hit a new 40-year high of 8.6% in 12 months to May. This was despite gasoline reaching a record high, and food prices soaring. Labor Department data shows.
Biden’s administration has been dealing with rising costs as a political problem. Although it tried various measures to reduce prices, the Federal Reserve is responsible for controlling inflation.
Biden, who visited Los Angeles to remove a backlog of merchandise on Friday, accused the U.S. of profiting from a lack of supply to fatten his profits.