“We will live with this inflation for a while,” Biden said at a Democratic fundraiser in Beverly Hills. “It will fall gradually, but we will live with it for a while.” The cautious comments at an event hosted by billionaire media mogul Heim Sampan came as the government faced mounting pressure ahead of the Nov. 8 midterm elections, where Congress’s control is in Bain. The government and many professional economists initially thought that the pressures on inflation would be “temporary” and would ease as the COVID-19 pandemic continued to recover. But price pressures have only extended to additional goods and services worldwide, as the Russian invasion of Ukraine removed oil and food supplies from an already expanding global market. US consumer inflation hit a 40-year high of 8.6% in the 12 months to May, with gasoline hitting record highs and food costs soaring, according to the Labor Department. Rising costs have become a political headache for the Biden administration, which has tried many measures to reduce prices but said much of the responsibility for controlling inflation lies with the US Federal Reserve. Biden visited the port of Los Angeles on Friday, where he tried to clear an unfulfilled asset and accused the US oil industry of taking advantage of a lack of supply to boost profits.
