President Joe Biden has warned that inflation might last longer than expected and admitted that gas price hikes are becoming a big problem for many …
President Joe Biden has warned that inflation might last longer than expected and admitted that gas price hikes are becoming a big problem for many households.
“This is going to be a haul. This is going to take some time,” Biden said about rising prices during a May 23 press conference with Japanese Prime Minister Fumio Kishida. He went on to acknowledge that the price of gas is affecting “a lot of families” and pointed out that his administration worked with governments across the world to release millions of barrels of oil into the market, but admitted that “it’s not been enough.”
Biden blamed food shortages on Russia’s invasion of Ukraine due to which “millions of bushels” of grain in Ukraine were being held up. If these stocks were brought into the market, it would “fundamentally impact positively” to bring down food prices “across the board,” he argued.
