President Joe Biden traveled to Iowa Tuesday to announce new efforts to bring down gas prices for Americans as the annual rate of U.S. inflation came in at 8.5% in March.
President Joe Biden traveled to Iowa on Tuesday for his first time as president to announce new efforts to bring down gas prices as the administration faces an 8.5% jump in the consumer price index compared to a year ago, which it attributes mostly to what he called"Putin's Price Hike."
But on Tuesday, he said:"Yes, I called it genocide. Because it has become clearer and clearer that Putin is just trying to wipe out the idea of even being able to be a Ukrainian. And the evidence is mounting."from Menlo, Iowa, before pivoting to his plan to ease gas prices amid intensifying inflation.released Tuesday by the U.S. Bureau of Labor Statistics showed inflation is at its highest point in the U.S. in more than 40 years as rising prices have an impact on consumers worldwide.
"Just as an example, since President Putin's military buildup in January, average gas prices up more than 80 cents. Most of the increase occurred in March and gas prices, at times, prices were up more than a dollar above pre-invasion level. That roughly 25% increase in prices will drive tomorrow's inflation rating," Psaki said.
But the move will have a limited impact: Only 2% of gas stations around the country carry E-15, mostly in the Midwest. The White House countered a question from ABC News on whether the impact would be insignificant for Americans. Biden's trip to Iowa comes with the midterm elections seven months away. It's a state he spent a lot of time in amid the 2020 campaign, but ultimately lost to former President Donald Trump by nine points.
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