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Biden Blames Russian Invasion For High Food Prices As US Inflation Hits 40-year High

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Biden Blames Russian Invasion For High Food Prices As US Inflation Hits 40-year High

(CTN News) – According to Friday’s “Consumer Price Index,” President Biden pledged that combating inflation is one of his “top economic priorities,” while blaming Russia’s unjustified invasion of Ukraine for the continued high prices of food and energy as US inflation reached a 40-year high in May.

Speaking at the Port of Los Angeles on Friday, Biden said: “While we continue to work to defend freedom in Ukraine, we need to do more-and do it quickly-to get prices down here in the United States.”

“Putin’s price hike hit hard here and across the world in May,” he continued. “High gas prices, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” he continued.

Biden praised his administration for providing support for families while highlighting efforts to reduce prices. His administration is committed to lowering prices as much as possible to help the American people.

“I’m doing everything in my power to blunt Putin’s price hike and bring down the price of gas and food,” he said.

“We’re better positioned (than) just about any country in the world to overcome the global inflation we’re seeing and to take the next step towards forming a historic recovery.”

US inflation hits 40-year high of 8.6%

The U.S. consumer price index reached its highest level in more than four decades in May due to rising energy and food prices.

Labor Department data indicate that consumer prices rose 8.6% in May from a year ago, marking the highest reading since December 1981.

US announces $700mn in military assistance to Ukraine

Despite high inflation in the US, US Secretary of State Antony Blinken announced the withdrawal of $700 million in arms and equipment from Ukraine to assist the war-torn nation in combating Russian aggression. On June 1, Blinken announced that the US Department of Defense would allow an 11th withdrawal of munitions and equipment for Ukraine’s defence.

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