Biden: 'April's CPI Shows Inflation Is Still Too High'

Biden: 'April's CPI Shows Inflation Is Still Too High'

U.S. President Joe Biden said on Friday that "the April CPI shows that inflation is still way too high," according to an economics-focused Twitter account, Walter Bloomberg. Inflation is the rate at which the prices for goods and services increase over time. A high inflation rate can make it difficult for people to afford basic necessities such as food and housing. The April CPI, which measures the change in prices for a basket of goods and services purchased by consumers, increased by 0.3% from March to April. The year-over-year increase in the CPI was 8.3%, the highest since 1981. Biden's comments come as the Federal Reserve is considering raising interest rates to combat inflation. Raising interest rates can make it more expensive for businesses to borrow money, which can lead to slower economic growth. However, raising interest rates can also help to slow down inflation. The Fed is expected to raise interest rates by 50 basis points at its next meeting in June. This would be the biggest increase in interest rates since 2000. Previously on May 15, 2024 - "U.S. President Joe Biden said on Friday that "the April CPI shows that inflation is still way too high," according to an economics-focused Twitter account, Walter Bloomberg."