LOS ANGELES — President Joe Biden slammed “Putin’s tax” for surging prices, blaming the Russian leader for hiking costs on everyday goods as inflation ticked up to a 41-year high.
In remarks at the Port of Los Angeles on Friday, Biden said the public understands that “Putin’s price hike is hitting America hard.” He called inflation his “top economic priority.”
The speech came hours after consumer price data rose higher than expected, a possibility that the White House had warned of on Wednesday.
INFLATION UNEXPECTEDLY TICKS UP TO 8.6% IN MAY, OUTPACING EXPECTATIONS
Inflation rose 8.6% year-over-year in May, according to the Bureau of Labor Statistics, running at a 41-year high. Prices rose across nearly all sectors.
Gasoline costs have surged, prompting the Biden administration to tap the Strategic Petroleum Reserve and urge global producers to pump more oil, to little avail.
Biden took a parting shot at oil companies on Friday, when he accused energy companies of refusing to increase supply.
“They have 9,000 permits to drill. … Why aren’t they drilling?” Biden said, “Because they make more money not producing more oil.”
The president defended his administration’s steps to drive down costs, touting efforts to improve supply chains and boost employment for workers who help transport goods.
“I’m doing everything in my power to blunt Putin’s price hike and bring down the cost of gas and food,” Biden argued. He said he is willing to “work with anyone — Democrat, Republican, independent — to deliver real solutions.”
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In a statement earlier, Biden urged Congress to take steps to lower prices through legislation to reform the tax code and slash shipping costs and prescription drug prices.
