In a speech in California, President Biden said prices and inflation would rise if Republicans took control of Congress after the November midterm elections.
Speaking at an event in Irvine, Calif., on Friday, Biden warned Americans that inflation and prices in general would rise if Republicans took control of Congress.
“The bottom line is this. So listen to this. Republicans in Congress are saying ‘no’ when it’s time to actually do something about inflation around the table,” Biden said. rice field.
“When Republicans take the lead, prices go up, so does inflation. It’s simple,” he added.
Analysis shows inflation control law would cut annual inflation by only 0.1%
His comments came a day after the Labor Department released the latest consumer price index figures showing prices for daily necessities including food, rent and gasoline rose 0.4% in September compared to the previous month. .
This number exceeded the 0.2% monthly growth forecast by Refinitiv economists.
Core prices, which exclude food and energy, rose 0.6%.
Grocery prices rose 0.7% in September, up 13% over the past 12 months.
After the inflation rate was released, the White House released a statement from Biden, who said there had been “some progress.”
“Today’s report shows some progress has been made in fighting inflation, even though there is still work to be done,” Biden said. 2%, down from 11% last quarter.” He said. “But despite this progress, prices are still too high. Fighting global inflation, which is affecting countries around the world and the families who work here, is my top priority.”
Inflation surges more than expected in September as prices remain high
In the statement, Biden also repeated comments claiming inflation would be even higher under a Republican-controlled Congress because they want to repeal the Inflation Reduction Act.
“The top priority for congressional Republicans is to repeal the Inflation Control Act,” Biden said. It won’t happen.”
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Over the next five years, the Inflation Reduction Act is expected to reduce annual inflation by only 0.1%, according to a University of Pennsylvania Penn Wharton analysis.
Fox News’ Aubrie Spady and Megan Henney contributed to this report.