US President Joe Biden hit the road Tuesday, touting his domestic accomplishments in Portsmouth, New Hampshire, as he acknowledged 40-year high inflation. He pointed to the economic disruption of the Covid-19 pandemic and Russia’s invasion of Ukraine as he warned the ongoing war would continue to “take its toll” on the global economy.
“Look, we’ve made a lot of progress and we have an incredible opportunity ahead of us but we know that families are still struggling with higher prices,” he said in remarks at the Port Authority of New Hampshire.
Biden cast blame directly on Russian President Vladimir Putin as a “big reason for inflation.”
“The invasion of Ukraine has driven up gas prices and food prices all over the world. The two major breadbaskets of wheat in the world are Ukraine and Russia ... What we saw in the most recent inflation data was last month about 70% of the increase in inflation was a consequence of Putin's price hike, because of the impact on gas and energy prices,” he said.
Biden added that he was doing everything he could to drive down prices, pointing to the release of gas from the Strategic Petroleum Reserves and his coordination with US allies and partners, prompting applause.
“The fact is that we are in a situation where the war in Ukraine is going to continue to take its toll on the world economy. It’s going to take its toll on energy. It’s going to take its toll relative to food … An awful lot of people are hurting. It makes a big difference, it makes a big difference, the cost of a dozen eggs, the cost of a gallon of gasoline, it matters,” Biden said.
“We’re going to build this economy from the bottom up and the middle out,” the President continued.