National File by Cullen McCue
Federal Reserve Chair Jerome Powell dismissed the notion that the war in Ukraine is the driving factor behind inflation. The Biden Administration has routinely blamed the conflict for rising fuel costs and surging inflation, both of which were climbing prior to the conflict. The administration has referred to inflation as the “Putin price hike” on a number of occasions.
“Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases,” Biden said in a statement not long after this month’s inflation report was released. Inflation is now at its highest rate since 1981.
