The embattled US president insisted that tackling inflation is a “top priority” after the consumer price index hit 6.2pc in the year to October, its sharpest rise since 1990. This was a significantly bigger pick-up than the 5.4pc recorded in September, and was higher than economists had expected.
It is likely to raise fears that US price rises will be followed by a similar surge around the world, triggering a global squeeze on living standards.
After the data were released, Mr Biden said he had directed the White House’s National Economic Council to find a way of reducing soaring energy costs.
Allow folks to build pipelines, frack on Federal land, all that stuff. Not that this will help immediately but over time…..