The annualized rate of inflation was at near 40-year high of 8.3 percent in April after months of price rises.
this week and cost more than $4.45 per gallon on Friday, according to the American Automobile Association .
The inflation rate in March was 8.5 percent and represented the largest one-year advance in prices since December, 1981. In July last year, Biden said he had told Jerome Powell, chairman of the Federal Reserve, that the Fed was independent and"should take whatever steps it deems necessary to support a strong, durable economic recovery."and is expected to implement two further half-point rises in June and July. The central bank's inflation target is an annualized rate of 2 percent.
"What we can control is demand, we can't really affect supply with our policies," Powell said, explaining that supply was a major issue and that global events were also playing their part. "So the question whether we can execute a soft landing or not, it may actually depend on factors that we don't control," he said.President Joe Biden speaks to guests during a visit to North Carolina Agricultural and Technical State University on April 14, 2022 in Greensboro, North Carolina. Biden predicted high inflation would be temporary in July last year.
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