Biden Addresses Inflation as US Consumer Prices See Biggest Increase in 41 Years

Name: Biden Addresses Inflation as US Consumer Prices See Biggest Increase in 41 Years
Uploaded: 2022-06-10T17:50+0000
Duration: 23 min 51 s
Description: Earlier in the day, the Department of Labour said that US inflation hit an annualised rate of 8.6 percent in May, which is the worst showing since the end of 1981.

17:50 GMT, 10 June 2022

Earlier in the day, the Department of Labour said that US inflation hit an annualised rate of 8.6 percent in May, which is the worst showing since the end of 1981.

Sputnik

Sputnik is live from the Port of Los Angeles, where US President Joe Biden is delivering remarks on his administration's actions to improve inflation and skyrocketing prices.

Biden is expected to sum up the actions taken by his administration aimed at preventing the consequences of the economic crisis caused by COVID, and the global rise of food and fuel prices amid sanctions against Russia over its special military operation in Ukraine.

The speech comes hours after the Department of Labour released a report which revealed that inflation in the United States hit 8.6 percent in May, the highest rate since December 1981.

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