President Joe Biden is placing some blame on Russian President Vladimir Putinās invasion of Ukraine for another month of high inflation.
In a statement after the latest data revealed that the annual inflation rate in February was 7.9%, Biden pointed to what he called āPutinās price hikeā as a reason for the higher prices.
He said, āTodayās inflation report is a reminder that AmericansāĀ budgets are being stretched by price increases and families are starting to feel the impacts of Putinās price hike.ā
āA large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putinās aggressive actions,ā he continued. āAs I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putinās unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.ā
Read the statement below:
On Thursday, the Labor Department released the data for inflation in February, which showed that prices increased at their highest pace since Jan. 1982.
The Wall Street Journal noted, āRising energy prices, including higher gasoline prices, helped push up the inflation reading, along with increases for groceries, restaurant food, transportation services and apparel. Economists expect additional price increases related to the Ukraine crisis after crude oil prices in March hit their highest levels since 2008, and U.S. gasoline prices reached record highs.ā
According to AAA, the average price for a gallon of gas nationally was $4.31, up more than 80 cents from a month ago ā before Russia launched its invasion.
Gas Pricesrose 6.6% and accounted for roughly a third of inflation in February. They have increased 38% from last February.
Republicans have blamed Bidenās energy policies for the most recent spike in Gas Prices. However, the White House has previously pushed back and blamed Putin for the price increases.