(NewsNation Now) — President Joe Biden is acknowledging that inflation is creating “real stress at the kitchen table.” Consumer prices soared over the past year at their highest rate in four decades.
The Labor Department announced Thursday that consumer prices jumped 7.5% last month compared with a year earlier, the steepest year-over-year increase since February 1982. This means prices on everything from groceries to gas, rent, and health care are significantly higher.
Supply chain issues have also magnified inflation since the start of the pandemic.
“The reason for the inflation is the supply chains were cut off,” Biden said.
The president said his administration is “using every tool at their disposal” to make it through the challenge.
“Corporate leaders say it will taper off as we go through this year,” he added.
Inflation has emerged as one of the greatest risk factors for the economy and a looming threat to Biden and congressional Democrats as midterm elections loom later this year.