1/28, 9:37 PM (Source: TeleTrader)
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Biden: Third of inflation result of chip shortages

United States President Joe Biden said on Friday that one-third of the inflation "is a consequence" of high automobile prices, which are a result of the semiconductor shortages. He stressed that the shortages resulted in smaller production, causing the cars being manufactured to cost more.

Biden insisted Intel's recent pledge to invest $20 billion in two chip plants in Ohio will help solve that problem as more semiconductors will be made in the US.

According to the latest report from the US Bureau of Labor Statistics, the country's inflation rate stood at a 39-year high of 7% in December.

Baha Breaking News (BBN) / NP