US President Joe Biden Comments on June Inflation

US President Joe Biden stated that the inflation figures for June were unacceptably high. He added that the energy alone accounted for almost half of the monthly increase in inflation.

President Biden spoke about the inflation data exceeding 9 percent in his statement. Joe Biden noted, "While today's headline inflation reading is unacceptably high, it is outdated." Attributing this record rise in inflation to the increase in the energy costs, President Biden emphasized that the data announced today does not reflect the full effect of the decline in gasoline prices. Biden added that the prices of other commodities such as wheat have also fallen sharply since June. Referring to price increases in inflation, Biden said, "Fighting inflation is my top priority. We need to make faster and more progress to control price increases." Referring to the steps they will take in this context, Biden noted that he will continue to do everything he can to reduce the price of gasoline. Joe Biden stated that they will continue to offer gasoline to the market from the strategic oil reserve, act with European allies to put a price limit on Russian oil, and work with the US oil and gas sector to increase production. US President Joe Biden, who said that despite the sharp decline in oil, companies have not recorded enough discounts, underlined that oil companies should not use this as an excuse to make a profit.