Inflation will 'take some time' to ease, Biden admits
Despite polls showing that price pressures remain a pressing issue ahead of the 2022 midterm elections, Joe Biden said Wednesday that inflation will take time to ease for most Americans.
“I’m optimistic,” he said during an event unveiling new Consumer Financial Protection Bureau rules against banking fees. “It’s going to take some time. I appreciate the frustration of the American people.”
“One of the things that I think frustrates the American people, is they know that the world is in a bit of disarray. They know that [Russia’s] war has imposed an awful lot of strains on Europe and the rest of the world and the United States,” Biden said. “They want to know what are we doing.”
The president again blamed world events for the rise in inflation. In September, the consumer price index, a key measure of inflation, stood at 8.2 percent, near 40-year highs.
A $740 billion bill signed by the president over the summer, dubbed the Inflation Reduction Act, is viewed as a way to reduce rising prices. Inflation will be eased by the law, according to Democrats and Biden.