Biden, in his written statement, evaluated the inflation data for April.
Emphasizing that inflation is a challenge for families across the country, Biden reiterated that reducing inflation is his top economic priority.
“While it is hopeful that annual inflation will moderate in April, it is a fact that inflation is unacceptably high,” Biden said. used the phrase.
Pointing to the primary role of the US Federal Reserve (Fed) in the fight against inflation, Biden said:
“While I will never interfere with the Fed’s independence, I believe we are building a strong economy and labor market, and I agree with what President Powell said last week that the number one threat to that power is inflation. With that in mind, I’m sure the Fed will do its job. “
Biden noted that their fight against global supply chain problems related to the epidemic and the price increase caused by the war initiated by Russian President Vladimir Putin in Ukraine will continue.
The Consumer Price Index (CPI) rose 0.3 percent month on month and 8.3 percent annually in April, above market expectations, according to data released by the US Department of Labor today.
While annual inflation slowed down in April, it reached the peak of 41 years with 8.5 percent in March.