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Agence France-Presse

US President Joe Biden acknowledged 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 Labour Department surprised economists and the White House alike, and came as Biden headed to Baltimore to promote the US$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 on Wednesday.
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.
US Congress passes Joe Biden’s US$1 trillion infrastructure bill
“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.

Prices were pressured by high demand from consumers flush with cash, combined with shortages of US workers and snarls in supply chains worldwide that slowed deliveries of crucial components such as semiconductors.
While Biden has argued that the increases will prove temporary, they have given his opponents a potent counterargument to the spending plans he has staked his presidency on as his approval ratings sag.
“Spending trillions of more dollars on the Democrats’ tax and spending spree will only make the crisis Americans are facing worse,” Republicans on the House Energy and Commerce Committee tweeted, dubbing the trend “Bidenflation”.
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The president scored a victory when Congress passed the infrastructure overhaul last week, but his Build Back Better plan to strengthen America’s social safety net with a US$1.85 trillion investment over 10 years remains mired in infighting among his Democrats who narrowly control the legislature.
Senator Joe Manchin, a Democrat who has objected to the plan’s cost, said on Twitter following the CPI report: “By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”

The 6.2 per cent climb in CPI compared to October 2020 was the sharpest annual increase since November 1990, and Mickey Levy of Berenberg Capital Markets said “price pressures have broadened,” with an array of goods and services seeing increases.
Compared to September, CPI rose 0.9 per cent, the Labour Department said, more than double the increase in the prior month and above forecasts from economists.
Much of the surge was seen in energy prices, with petrol spiking 6.1 per cent last month alone, and fuel oil seeing a massive 12.3 per cent increase.
Grocery prices also climbed last month, with food at home rising one per cent, while food away from home, such as meals at restaurants, saw a 0.8 per cent increase.
Used cars have seen an abnormal price surge throughout 2021 that bolstered overall inflation. After dipping in August and September, the October report showed they again shot up 2.5 per cent.
Amid a nationwide housing shortage, housing costs including rent rose, with a 0.5 per cent increase in the shelter category, according to the report.
Food and energy prices are volatile, but even with those elements excluded, “core” CPI climbed 0.6 per cent last month compared to the 0.2 per cent increase in September.
“I hate to say this, but October’s core CPI is just a taster; the next few months are going to be horrible,” Ian Shepherdson of Pantheon Macroeconomics tweeted.
Additional reporting by Bloomberg


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Joe Biden

US inflation hits 30-year high, dealing challenge for Joe Biden

US President Joe Biden during a visit to the port of Baltimore. Photo: AP

epa09574859 A sign displays the price of a gallon of gasoline at a gas station in the borough of Staten Island in New York, New York, USA, 10 November 2021. The United States’ Labor Department reported, on 10 November, that the consumer price index, which tracks the prices of many different types of consumer goods including gasoline prices, went up 6.2 percent compared to a year ago and hit its highest point since December 1990. EPA-EFE/JUSTIN LANE

(211110) -- WASHINGTON, Nov. 10, 2021 (Xinhua) -- An employee works at a grocery store in Washington, D.C., the United States, on Nov. 10, 2021. U.S. inflation remained elevated in October as supply chain disruptions have persisted for months, surging to the highest level in three decades, the Labor Department reported on Wednesday. The consumer price index (CPI) soared 0.9 percent in October after rising 0.4 percent in September, according to the latest report released by the department's Bureau of Labor Statistics. (Photo by Ting Shen/Xinhua)

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Joe Biden may face increasing pressure from political opponents. Photo: EPA-EFE

Democratic nominee for Virginia Governor Terry McAuliffe looks on as he addresses supporters during an election night party and rally in McLean, Virginia, U.S., November 2, 2021. REUTERS/Leah Millis REFILE - QUALITY REPEAT TPX IMAGES OF THE DAY

US Congress passes Joe Biden’s US$1 trillion infrastructure bill

US President Joe Biden. Photo: Bloomberg

WASHINGTON, DC - NOVEMBER 05: Speaker of the House Nancy Pelosi (D-CA) speaks to reporters on her way to the House Chamber at the U.S. Capitol November 05, 2021 in Washington, DC. Late on Friday night, the House passed the $1 trillion bipartisan infrastructure bill after months of negotiations. Drew Angerer/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

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In this image from House Television, Democrats celebrate on the House floor late Friday, Nov. 5, 2021, in Washington, after the House approved a $1 trillion package of road and other infrastructure projects after Democrats resolved a months-long standoff between progressives and moderates, notching a victory that President Joe Biden and his party had become increasingly anxious to claim. (House Television via AP)

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President Joe Biden pledges to battle ‘too high’ prices as US inflation surges
Inflation worries cloud Biden’s trip to promote big infrastructure overhaul



President Joe Biden’s first trip to celebrate a long-sought congressional victory on infrastructure was clouded by new US inflation data.


US Politics

United States

US inflation hits 30-year high, dealing challenge for Joe Biden

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} President Joe Biden pledges to battle ‘too high’ prices as US inflation surges Inflation worries cloud Biden’s trip to promote big infrastructure overhaul

President Joe Biden pledges to battle ‘too high’ prices as US inflation surges

Inflation worries cloud Biden’s trip to promote big infrastructure overhaul