Biden says inflation is his `top priority'
President Joe Biden, on the defense for months over rising inflation, sought to convince Americans on Tuesday that he understood the pain they were feeling from rising prices and that his administration was taking steps to address higher costs for fuel, food and other goods.
Biden delivered his remarks a day before another economic report was expected to show uncomfortably high prices.
While the consumer price index, which will be released this morning, could show inflation cooled somewhat from March, most economists still expect the report to show inflation running above 8%.
“I know families across America are hurting because of inflation. I understand what it feels like,” Biden said, adding that his administration was trying to bring down prices by easing supply-chain congestion, cracking down on price gouging and releasing oil from the Strategic Petroleum Reserve.
Yet those efforts have done little to tame inflation, which is running at its fastest pace in 40 years, the result of snarled supply chains that have led to shortages of goods; the war in Ukraine, which is driving up energy prices; and rampant consumer demand.
While the president's ability to tackle inflation is limited — the primary tools for fighting rising prices rest with the Federal Reserve — the run-up in costs has become a talking point for Republicans and a political liability for Biden, whose approval ratings have slumped.
Republicans have spent months blaming Biden for rising prices, viewing it as a winning issue before the midterm elections.