FX.co ★ Biden calls inflation US top economic challenge

US President Joe Biden has declared high inflation the main economic challenge for the United States and put the blame for soaring prices on Russia and Vladimir Putin himself.

“America can tackle inflation from a position of strength unlike any other country in the world, because every country in the world is getting a big bite and piece of this inflation — worse than we are in the vast majority of countries around the world. But make no mistake about it: I understand inflation is a real challenge to American families,” Biden said. “Today’s inflation report confirmed what Americans already know: Putin’s price hike is hitting America hard. Gas prices at the pump. Energy and food prices account for half of the monthly price increases since May,” the US president added.

Joe Biden redoubled his efforts to decrease prices of food and gasoline. “Thanks to America’s leadership and diplomacy, we’ve helped Europe reduce its reliance on Russian oil by tripling our natural gas systems to Europe compared to last year,” Biden said.