FX.co ★ Biden blames “Putin’s price hike” for record-high inflation

The US inflation continues to dominate the headlines. However, most Russians do not see any catastrophe in the 8.6% rise in prices. Compared with the Russian official inflation rate, there’s nothing the matter with that. Meanwhile, in the US, it is a real problem that received the name of “Putin’s price hike.”

The US inflation rate once again caught the headlines after the publication of the May report, which unveiled acceleration to 8.6%. This is the highest level last seen in the previous century. Inflation managed to break the record logged in 1981, according to the data provided by the Bureau of Labor Statistics. In May, seasonally adjusted consumer prices added 1% after a rise of 0.3% in April. Surging inflation has mostly hit such sectors as real estate, transport, and food. In particular, energy prices have skyrocketed by 34.6% in 2022, showing the fastest annual growth since 2005.

The Joe Biden administration has devolved responsibility, saying that it is “the consequence of Putin’s price hike” caused by the conflict in Ukraine. Meanwhile, President Putin supposes that the jump in US consumer prices could be explained by ill-considered actions of the country's authorities.