Biden alerts its citizens that U.S. inflation could last longer

After statistics on Friday indicated that politically sensitive pricing pressures unexpectedly escalated in recent weeks, President Joe Biden warned that U.S. inflation might endure “for a long.”

At a Democratic fundraiser in Beverly Hills, Biden stated, “We’re going to live with this inflation for a long.” “It’ll go down gradually, but we’ll put up with it for the time being.”

The cautious remarks came at an event organized by billionaire media mogul Haim Saban, as the government faces mounting pressure ahead of the Nov. 8 midterm elections, in which Biden’s fellow Democrats’ control of Congress is at stake.

Initially, the government and many professional economists believed inflationary pressures would be “transitory,” reducing as the COVID-19 pandemic recovered.

However, due to Russia’s invasion of Ukraine, which drained oil and food supplies from an already overstretched global market, pricing pressures have spread to other commodities and services worldwide.

Consumer inflation in the United States reached a 40-year high of 8.6% in the 12 months ending in May, according to Labor Department statistics, with fuel going to a new high and food prices skyrocketing.