Live updates: Russia controls most of Severodonetsk, governor says
of 8.6 percent in May, President Biden blamed Russian President Vladimir Putin on Friday for some of the high prices for energy and food.that the latest snapshot issued by the Bureau of Labor Statistics, known as the consumer price index, showing inflation remaining at the fastest pace in 40 years underscored why it continues to be the top economic issue for the administration.
“Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” the president said in a statement. “Even as we continue our work to defend freedom in Ukraine, we must do more — and quickly — to get prices down here in the United States.
Biden has largely blamed the inflation surge on the Russian invasion of Ukraine, which has spilled over into sectors beyond energy and food, such as airfares. Energy prices around the world have been rising for months, a reflection of the continuing ripple effects from the ongoing war in Ukraine. But some experts, including Chris Rupkey, chief economist at the research firm FWDBonds, have said inflation’s effect on areas such as housing “isn’t just Russia and Ukraine anymore.
The president called on Congress to help alleviate some of the financial burden caused by inflation, reiterating that the administration would “continue to do everything we can to lower prices for the American people.”Rachel Siegel contributed to this report.
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