Biden blames Putin for inflation, warns war in Ukraine will ‘continue to take its toll’ on economy

President Biden again blamed Russian President Vladimir Putin for much of inflation in the United States, while warning that the war in Ukraine will “continue to take its toll” on the world’s economy.

During remarks in Portsmouth, New Hampshire, the president acknowledged that American families are “struggling with higher prices” amid record-high inflation, but again said the reason for the surge was due the COVID-19 pandemic and Putin’s unprecedented war in Ukraine.

“The second big reason for inflation is Vladimir Putin. Not a joke,” Biden said Tuesday. “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world.”

Biden said that last month, “about 70% of the increase in inflation was a consequence of Putin’s price hike.”

Inflation numbers were released last week revealing a new four-decade high in March as Russia’s war in Ukraine fueled rapid price gains for oil and gas that wiped out the benefits of rising wages for most Americans.

The consumer price index rose 8.5% in March from a year ago, according to the Labor Department report released Tuesday, marking the fastest increase since January 1982 when inflation hit 8.4% The CPI, which measures a bevy of goods ranging from gasoline and health care to groceries and rents, jumped 1.2% in the one-month period from January.

At grocery stores, Americans have seen meat prices increase by 14.8%, fish by 10.9%, eggs by 11.2%, milk by 13.3%, fruits and vegetables by 8.1%, and coffee by 11.2% since last year. – READ MORE