Unable to tame inflation that has worsened sharply under his watch, President Joe Biden stressed Thursday that his administration’s policies would cut prescription drug prices and make life more affordable for families.
He traveled to Culpeper, Virginia, on the heels of a dire inflation report on Thursday morning. Consumer prices jumped 7.5% over the year ending in January, as the sources of inflation have broadened on a monthly basis with increases in the costs of rent, electricity, clothes and household furnishings. The pandemic disrupted supply chains and government aid boosted consumer demand, causing prices for gasoline, food and other goods such as autos to rise earlier this year.
Inflation poses a triple threat for Biden. Prices at a 40-year peak have dimmed his public support and endangered his policy agenda, while efforts by the Federal Reserve to curb inflation could meaningfully slow the strong economic growth that had been a highlight of his first year.
