Consumer prices are rising quickly at just the wrong time for the US president.
| A new rise in US inflation is undermining Joe Biden’s re-election message, threatening the president’s effort to defend his economic record in a crucial phase of the campaign against Donald Trump.in the March consumer price index followed a 3.2 per cent gain a month earlier, and has made it suddenly much harder for Biden to argue that inflation is continuing to move steadily downwards since hitting a multi-decade peak in the summer of 2022.
White House officials this week said that they had always expected the process of bringing down inflation to be bumpy — and that they believe inflation will soon begin easing again.Biden said he still expected the Fed — which has an official target for inflation of 2 per cent — to cut rates this year. “This may delay it a month or so,” he said.
Any stalled progress on inflation could threaten to upend any general improvement for Biden — just seven months ahead of the election. “We’re just going to keep our heads down and continue fighting to lower costs from prescription drugs to junk fees to housing and child care,” said Jared Bernstein, the chair of the Council of Economic Advisers at the White House.
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