US President Joe Biden: "Inflation Sharp and Rapid"

US President Joe Biden, in his speech after the May inflation figures, noted that inflation did not fall as sharply and rapidly as it should.

Joe Biden talked about US inflation figures for May in his assessment. “While it is good to see critical core inflation getting moderate, it is not falling as sharply and rapidly as we should see,” Biden said. Joe Biden stated that inflation is a worldwide problem and that the sanctions decisions that came with Russia's invasion of Ukraine caused an increase in gasoline, energy and food prices. Noting that gasoline prices have increased by $2 per gallon in many places since Russia's invasion of Ukraine, Biden said, "Even as we continue our work to defend freedom in Ukraine, we must be quicker to lower prices in the United States." Biden stressed that the administration will continue to do everything in its power to lower prices, noting that he has called on Congress to pass a bill to reduce shipping costs. Biden also called on Congress to pass legislation aimed at reducing family costs, such as energy and prescription drugs. Joe Biden added that they were disturbed by the increase in fuel costs and that the government will be on track to produce a record amount of oil next year and is working with the industry to speed up production. Inflation in the US rose to 8.6 percent in May, the highest level recorded since 1981.