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


© Reuters. U.S. President Joe Biden talks during a visit at the Port of Los Angeles during the Ninth Summit of the Americas, Los Angeles, California. June 10, 2022. REUTERS/Kevin Lamarque

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.