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Biden says inflation is his 'top economic priority' as prices surge to near 40-year high
Inflation for April hotter than expected
FOX Business’ Cheryl Casone reports on the highly anticipated consumer price index report moments after the Labor Department posted the data.
President Biden, reacting to April’s consumer price index Wednesday, acknowledged that inflation is "unacceptably high," and maintained that lowering prices for American families is his "top economic priority," while again blaming the surging numbers on COVID-19 and Russian President Vladimir Putin.
Inflation rose more than expected in April, running near a 40-year high amid supply chain constraints, Russia’s war in Ukraine and strong consumer demand.
INFLATION SOARS 8.3% IN APRIL, HOVERING NEAR 40-YEAR HIGH
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in April from a year ago, slightly below the 8.5% year-over-year surge recorded in March. Prices jumped 0.3% in the one-month period from March.
"While it is heartening to see that annual inflation moderated in April, the fact remains that inflation is unacceptably high," the president said in a statement Wednesday. "As I said yesterday, inflation is a challenge for families across the country and bringing it down is my top economic priority."