BALTIMORE: President Joe Biden acknowledged Wednesday that US shoppers were paying too much for everyday goods, vowing to tackle inflation “head on” after government data showed it had reached a 30-year peak last month.
The sharp spike in the consumer price index (CPI) reported by the Labor Department surprised economists and the White House alike, and came as Biden headed to Baltimore to promote the $1.2 trillion infrastructure overhaul he argues can turn the tide.
“Today’s economic reports (show) unemployment continuing to fall but consumer prices remaining too high,” Biden said in a televised address from the port of Baltimore.
The president was in the east coast city to make the case that his infrastructure package, passed by Congress last week, would bring down costs and reduce supply bottlenecks.
“Looking out there, everything from a gallon of gas to a loaf of bread costs more,” Biden added.
“Even though wages are going up, we still face challenges and we have to tackle them. We have to tackle them head on.”
The White House said Biden would sign the infrastructure package into law Monday alongside lawmakers from both parties who helped write it and others who smoothed its path to the president’s desk.
US inflation had remained muted in recent years, but roared back with a vengeance in 2021 as American businesses began resuming normal operations with the help of COVID-19 vaccines.
