Trump slams Biden on inflation after CPI report beats expectations | Wilnesh News

Donald Trump lashed out at President Joe Biden on Wednesday after consumer prices came in higher than expected in March, raising another data point that could point to a pickup in inflation and weaken the Fed’s approach to the near future. Hopes of a rate cut.

“Inflation is back and it’s serious,” the former president wrote in an article. truth society postal. “The Fed can never credibly lower interest rates because they want to protect the worst president in American history!”

Consumer prices rose 0.4% in March, slightly higher than economists’ expectations of 0.3%. The monthly growth rate pushed annual growth to 3.5%, above expectations of 3.4%.

The index has topped expectations almost every month since November, potentially signaling an unpopular trend for Biden as the economy takes center stage in the 2024 election.

“I am calling on businesses, including grocery retailers, to take advantage of record profits to lower prices,” Biden said in a statement after the CPI report was released.

“Congressional Republicans want to cut taxes for billionaires and big corporations while helping special interests and Big Pharma raise prices. I won’t let them do that,” he added.

Biden has continually blamed big companies and Republicans for the lingering high cost of living, a feeling consumers still feel while touting the economic benefits of his policies.

Judging by indicators such as gross domestic product and unemployment, the U.S. economy is currently performing well, especially relative to other developed countries such as Canada, Japan, or Germany.

However, sticky inflation and huge budget deficits remain a thorn in the side of the White House and the Biden campaign, and Trump has been amplifying the message.

“Our economy in this country is collapsing and in ruins,” Trump said at a rally in Georgia on March 9.

While voter polls find Americans have fond memories of the economy under Trump, consumer confidence is starting to show signs of optimism.

Correction: This article has been updated to reflect the correct date when Donald Trump called the economy a “cesspool of rubble” at a rally in Georgia.