Newsweek: Biden is losing his battle against soaring inflation in the United States

Washington-Sana

Newsweek magazine considered that US President Donald Trump has lost his battle in the face of rising inflation in the country, after 300 days of statements he made in this regard, describing inflation as a temporary condition.

The magazine clarified in an article in this regard that Biden stated about a year ago from the White House that inflation is temporary and will be dealt with and will not last long, but what happened in fact is that the prices of consumer and basic goods continued to rise, including gas.

While the annual inflation rate in the months of last June and July reached 5.4 percent, the highest rate since August 2008, and the Biden administration considered at the time that inflation had reached its peak and that the economy would improve with its exit from the strict restrictions that were imposed due to the Covid-19 pandemic.

Biden said in July that he told Federal Reserve Chairman Jerome Powell that he must take steps to support a strong and lasting economic recovery, and the latter responded by saying that "the process of bringing inflation to 2 percent will be painful, but in the end it will be much worse if we fail to deal with it and inflation is entrenched in The economy is at high levels.”

However, 300 days after Biden's statement, prices continued to rise, and the annual inflation rate exceeded the results of last summer, and the US consumer price index rose in April, a main indicator of inflation, by 8.3 percent on an annual basis, after it was recorded in March by 8.5 percent.

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