President Joe Biden has reacted to new inflation numbers released by the Bureau of Labor Statistics, calling them “unacceptably high.”
In a statement released by the White House, President Biden said “While today’s headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.”
President Biden continues by saying that inflation is his top priority as president. His statement comes as new numbers released by the government show that inflation increased in June to 9.1%, exceeding economists’ predictions of 8.8%.