President Joe Biden cautioned that U.S. inflation could last “for a while” after data on Friday showed that politically sensitive price pressures have unexpectedly accelerated in recent weeks.
Inflation pressures have expanded to additional goods and services globally as the Russian invasion of Ukraine took oil and food supplies off an already stretched global market.
U.S. consumer inflation hit a 40-year high of 8.6% in the 12 months through May, with gasoline marking a record high and the cost of food soaring.
The Biden administration has tried several measures to lower prices but said much of the responsibility to control inflation falls to the Federal Reserve.
This report’s information was first seen on Reuters; to read more, click this link.
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