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US President Joe Biden said that US prices rose at a record pace in May due to Russia’s war against Ukraine. Biden’s statement was published on the White House website.
“Putin’s price hike hit hard in May here and around the world: high fuel prices at gas stations, energy prices and food prices accounted for about half of the monthly price increase, and gasoline prices up two dollars a gallon in many places since Russian troops began to threaten Ukraine,” Biden said, speaking in Los Angeles.
The President of the United States called on Congress in June to pass a bill to reduce transportation costs. “And I’m calling on Congress to pass legislation to cut costs for families like energy bills and prescription drugs,” he said.
On June 9, Russian President Vladimir Putin announced that inflation was named after him in Western countries. “They are trying, conditionally, to limit the export of our fertilizer. Prices have crept up. First of all, they have more than we do. They are trying to limit our energy resources. Again, prices skyrocketed. They already call inflation by my name, and we have absolutely nothing to do with it, ”Putin said.
“Gas prices are a major part of inflation, and the war in Ukraine is one of the main reasons for that,” Biden said.
Inflation in the United States in May in annual terms amounted to 8.6%, which was the highest value since December 1981.
About prices in Russia
- Rosstat said that against the backdrop of the war and the crisis in Russia, wages have risen sharply. What is it like?
- Will the Russian budget survive the war? Or will we have to raise taxes and cut spending? Interview with economist Yevsey Gurvich
