President Biden admitted Wednesday that inflation was stuck at “unacceptably high” levels after the annual rate fell slightly in April to 8.3% — but …
President Biden admitted Wednesday that inflation was stuck at “unacceptably high” levels after the annual rate fell slightly in April to 8.3% — but then blamed the COVID-19 pandemic and Russian President Vladimir Putin’s invasion of Ukraine for the price increases rather than government spending.
“While it is heartening to see that annual inflation moderated in April, the fact remains that inflation is unacceptably high,” Biden said in a statement. Inflation hit a 40-year annual high of 8.5% in March. Although the annual inflation rate ticked lower in April, prices actually increased 0.3% on a month-to-month basis. Biden had attempted to preempt the latest inflation data with a Tuesday speech in which he sought to shift the blame for the politically dicey issue. In his Wednesday statement, Biden hailed a new federal initiative funded by his $1.2 trillion bipartisan infrastructure bill to provide free internet service to about 40% of homes — and claimed Republicans would increase costs if they regain control of Congress.
