President Biden on Friday said the United States “has never seen anything like Putin’s tax on both food and gas,” after the Labor Department announced Friday that inflation hit a new four-decade high in May.
President Biden said the United States "has never seen anything like Putin’s tax on both food and gas," after the Labor Department announced Friday that inflation hit a new four-decade high in May.
The president said America "can tackle inflation from a position of strength, unlike any other country in the world," saying that every other country in the world "is getting a big bite and a piece of inflation—worse than we are, in the vast majority of countries around the world." "I'm doing everything in my power to blunt Putin's price hike and bring down the cost of gas and food," Biden said, touting his administration’s move to coordinate the release of global oil reserves to "boost supply" and to "keep prices from rising even more."
The Labor Department Friday said price increases were widespread: Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year. Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April. In all, fuel prices jumped 16.9% in May on a monthly basis, pushing the one-year increase to a stunning 106.7%.
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