6/10, 7:16 PM (Source: TeleTrader)
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Inflation not coming down as quickly as we must see - Biden

United States President Joe Biden stated on Friday that the inflation in the country is not "coming down as sharply and as quickly as we must see," highlighting it is encouraging to see critical "core" inflation moderate.

Commenting on the latest data that revealed inflation hit 8.6% in the country, Biden underscored that the Ukrainian crisis has led to soaring prices of energy and food prices globally, "accounting for around half of the monthly price increases." The US president emphasized that the administration will focus on lowering prices for the American families, urging Congress to "pass a bill to cut shipping costs this month" in order to reduce the price of goods.

Furthermore, Biden stated that he will force Congress to pass legislation to reduce family costs such as energy bills and prescription drugs while also pursuing tax reform to make the "wealthiest Americans and large corporations pay their fair share," in order to reduce inflationary pressure in the country. The US 46th President concluded his remarks by calling on Congress to support the Federal Reserve’s efforts to bring inflation down.

Baha Breaking News (BBN) / AB