Biden says prices “too high” as inflation rises before midterms

US President Joe Biden said the consumer price index (CPI) report released on Thursday (Oct 13) shows some progress in the fight against higher prices but there is more work to do, according to a statement issued by the White House.

The latest inflation report ensures that Biden and his Democratic Party will head into the critical midterm elections in November facing lingering questions on how they managed soaring prices of food, fuel and an array of other consumer products.

Biden once again said fighting inflation is his top priority after spending much of the past two years trying - with modest success - to curtail price surges driven by an economy emerging from Covid lockdowns and oil-rich Russia’s invasion of Ukraine.

The consumer price index rose 0.4 per cent last month after gaining 0.1 per cent in August, the Labor Department said in its report. In the 12 months through September, the CPI increased 8.2 per cent after rising 8.3 per cent in August.

The White House noted that inflation over the last three months has averaged 2 per cent, at an annualised rate. That’s down from 11 per cent in the prior quarter.

“But even with this progress, prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority,” Biden said in statement. REUTERS