US President Joe Biden. File photoMOSCOW, May 16U.S. President Joe Biden called jumping inflation a temporary phenomenon almost a year ago, but since then, price increases have only intensified, writes Newsweek columnist Darra Rowe in an article titled «Biden lost the battle with inflation.» According to the author, last summer inflation in the United States was 5.4 percent in annual terms, which was a record high for the past thirteen years. Many experts then called these values u200bu200bpeak, while Biden, speaking at the White House on July 19, assessed the current situation as temporary.
"After the comments of the American leader, 300 days have passed, prices continue to rise, and the annual inflation rate is even higher than last summer", Roach noted.
Thus, in April this year it reached 8.3 percent , and in March — 8.5 percent, which was the maximum in forty years. At the same time, gasoline prices rose to a record $4.45 per gallon. .jpg» />Biden predicted a new «energy nightmare» The journalist recalled that in July, Biden instructed Fed Chairman Jerome Powell «to take any steps that he deems necessary to support a strong and sustainable economic recovery.» In May, the regulator raised the base rate by half a percentage point, and two more such increases are expected in June and July, the journalist noted. As a result, Powell said that trying to keep inflation at the planned level of two percent would be «painful», and acknowledged that the Fed is not able to influence all the factors that determine it. to economic problems in many countries. According to the US Department of Labor, fuel and food prices in the country increased by 8.5 percent in annual terms by the end of March. Growth was the highest since December 1981. This also affected mortgage rates, which hit a twelve-year high in April. According to the head of the White House, this was supposedly the fault of Russia.