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Biden warns U.S. inflation could last 'for a while'

Economy Jun 11, 2022 07:10PM ET
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2/2 © Reuters. U.S. President Joe Biden speaks during a visit to the Port of Los Angeles, during the Ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Kevin Lamarque 2/2

By Trevor Hunnicutt

BEVERLY HILLS, Calif. (Reuters) - President Joe Biden cautioned that U.S. inflation could last "for a while" after data on Friday showed that politically sensitive price pressures unexpectedly accelerated in recent weeks.

"We're gonna live with this inflation for a while," Biden said at a Democratic fundraising event in Beverly Hills. "It's gonna come down gradually, but we're going to live with it for a while."

The wary comments at an event hosted by billionaire media magnate Haim Saban came as the administration faces increasing pressure ahead of Nov. 8 midterm elections, where Biden's fellow Democrats' control of Congress is on the line.

The administration and many professional economists initially thought that inflation pressures would be "transitory," easing as the recovery from the COVID-19 pandemic continued.

But price pressures have only expanded to additional goods and services globally as the Russian invasion of Ukraine took oil and food supplies off an already stretched global market.

U.S. consumer inflation hitting a 40-year high 8.6% in the 12 months through May, with gasoline marking a record high and the cost of food soaring, Labor Department data showed.

The surging costs have become a political headache for the Biden administration, which has tried several measures to lower prices but said much of the responsibility to control inflation falls to the Federal Reserve.

Biden on Friday visited the Port of Los Angeles, where he has sought to clear a backlog of goods and accused the U.S. oil industry of capitalizing on a supply shortage to fatten profits.

Biden warns U.S. inflation could last 'for a while'
 

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Comments (30)
William Smith
William Smith Jun 12, 2022 10:15PM ET
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Can you say DEPRESSION?   Only took Biden 17 months to destroy America.   His weakness prompted Putin to attack Ukraine and Biden's anti business anti oil policies are destroying America at the speed of light.
Nick Monaco
Nick Monaco Jun 12, 2022 9:39PM ET
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F*ck Joe Biden
Plyler McManus
Plyler McManus Jun 12, 2022 7:11PM ET
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Thanks for letting us know.
Christopher Arntz
Christopher Arntz Jun 12, 2022 7:10PM ET
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Bidens is the biggest POS ever
Abc Xyz
Abc Xyz Jun 12, 2022 6:12PM ET
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Inflation will end as soon as THE incompetent is impeached
Nils Hullmann
Nils Hullmann Jun 12, 2022 6:36AM ET
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Biden warns U.S. inflation could last 'for a while'.......longer than his presidency thats for sure....muhahahahahah
SREEDHAR ASHOK
SREEDHAR ASHOK Jun 12, 2022 2:48AM ET
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He wanted to punish Russia by sanctions....but got it back full. Let him stop supply arms instead he can spread peace. LIVE & LET LIVE.
Brad Albright
Brad Albright Jun 12, 2022 2:48AM ET
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Live and let live? So you oppose Russia invading another country?
Manish Manish
Manish Manish Jun 12, 2022 1:06AM ET
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why can't he something good
John Hat
John Hat Jun 11, 2022 8:49PM ET
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"Transitory can mean different things." Liberals are LibTarrrds.
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Jeremy Thornton
Jeremy Thornton Jun 11, 2022 8:49PM ET
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Trump did this. Biden is trying to fix it. Always the case. R's mess everything up and D's come in to clean up the mess.Then R's lie there way into office again and the cycle starts over...
Jeremy Thornton
Jeremy Thornton Jun 11, 2022 8:49PM ET
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james montreuil Funny seeing how all the poorest states are Republican states. And an angry Republican mob stormed the capital. So blind!
Benjamin USA
Benjamin USA Jun 11, 2022 8:49PM ET
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Jeremy Thornton they are the triggeredest snowflakes around
Sabi Sab
SabiSab Jun 11, 2022 8:49PM ET
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Jeremy Thornton We were being lied to straight in our face by CBO, alleged 'Government' agency, saying inflation had peaked 2 weeks ago.  Blame it on Trump too, ok?!  Trump might not be good but Brandon is not any better.
Brad Albright
Brad Albright Jun 11, 2022 8:49PM ET
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@Jeremy, the know-nothings are against vaccines, but they are fully inoculated against facts.
Nelson Manning
Nelson Manning Jun 11, 2022 8:36PM ET
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imagine that 🧐
 
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