As the world is floundering with exponential inflation as a consequence of ongoing war, President Biden has condemned Moscow's leader Putin for causing global inflation. President Biden accused President Putin of causing surging inflation in the United States and warned that the ongoing war in Ukraine will likely affect the global economy on many fronts. During his address in Portsmouth, New Hampshire, he highlighted the scenario of American families grappling with the higher prices and sudden inflation, Deeming this inflation to Covid cases and Putin's invasion of Ukraine.
During his address, he claimed, "The second huge reason for sudden inflation is Moscow's leader Putin. Not a joke. Further accusing Putin he said, "Russia's invasion of Ukraine has spiked up the gas and food prices globally."
Shifting the blame to Putin's invasion, Biden claimed that in the previous month "70% of inflation was an outcome of Putin's price hike." The data concerning the inflation was released last week, exhibiting a record-breaking, four-decade high inflation in the match. According to this data, the inflation was caused due to sky-rocketing prices of oil and gas that eliminated the benefits of rising wages for most Americans.
According to stats released by the Labor Department on Tuesday, The consumer price index surged up to 8.5% in March, marking a swift increase since January 1982, which witnessed an inflation hit of 8.4%.