“People are feeling it — they are feeling it,” Mr Biden said.
“Did you ever think you’d be paying this much for a gallon of gas? In some parts of California, they’re paying $4.50 a gallon. That’s why it’s so important we do everything in our power to stabilise the supply chain,” he added.
He unexpectedly advanced the stance of his critics and opposition who have been lambasting his administration over inflation.
The president’s remarks came during his trip to Baltimore’s port over a $1.2 trillion bipartisan infrastructure bill that was passed in Congress on Friday. Mr Biden is expected to sign it on Monday.
He used his comments to assure Americans that he is concerned about the rising cost and said “many people remain unsettled about the economy.”
“Everything from a gallon of gas to a loaf of bread costs more, and it’s worrisome even though wages are going up,” he said. “We still face challenges, and we have to tackle them.”
The president attributed the inflation to global supply chain problems, Covid restrictions and even economic recovery.
“On the one hand, we’re facing new disruptions to our supplies. At the same time, we’re also experiencing higher demand for goods because wages are up as well as people have money in the bank. And because of the strength of our economic recovery, American families have been able to buy more products,” he said.
He said people have stopped going out for lunch and dinner, instead, they are staying at home and ordering online.
“Well with more people with money buying product and less product to buy, what happens? The supply chain’s the reason, the answer is you guys, I’ll get to that in a minute. But what happens? Prices go up,” he said.
Republicans have used the issue of inflation to attack Biden administration’s economic agenda and it will potentially be used as a top concern in polling in next year’s midterm election.
Republican representative Byron Donalds said in a tweet: “Last year, the average price of fuel in FL was $2.005. Today, under the Biden-Harris admin, the average cost is $3.281. The last time Floridians saw gas prices this high was in 2008 when Biden was VP. It seems like when Biden is in power, Americans pay more at the pump.”
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