Biden blames Russian invasion for high food prices as US inflation hits 40-year high

In response to Friday's "Consumer Price Index" about rising inflation in the US, President Joe Biden promised that combatting inflation is going to be his "top economic priority," while blaming Russia's unjustified invasion of Ukraine for continued high prices of food and energy as US inflation hit 40-year high of 8.6% in May. Amid the ongoing Russia-Ukraine war, Biden, who spoke at the Port of Los Angeles on Friday, said: "Even as we continue our work to defend freedom in Ukraine, we must do more—and quickly—to get prices down here in the United States'."

Slamming the Russian President, he further said: “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, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” he added as per the statement.   

In Los Angeles, Biden highlighted efforts to bring prices down and hailed his administration for providing support for families. He noted that his administration would continue to do everything possible to lower prices to help the American people.

"I'm doing everything in my power to blunt Putin's price hike and bring down the price of gas and food," he said.

"We're better positioned (than) just about any country in the world to overcome the global inflation we're seeing and to take the next step towards forming a historic recovery."

US inflation hits 40-year high of 8.6%

U.S. consumer inflation in May reached its highest level in more than four decades as soaring energy and food prices pushed prices higher.

As per the Labor Department, the consumer-price index increased 8.6% in May from the same month a year ago, marking the highest reading since December 1981.

US announces $700mn in military assistance to Ukraine 

Even though America is fighting with high inflation, US Secretary of State Antony Blinken announced a $700 million drawdown in arms and equipment for Ukraine in an effort to assist the war-torn nation in combating Russian aggression. Blinken announced on June 1 that from the US Department of Defence stocks, he would allow the 11th withdrawal of munitions and equipment for Ukraine's defence. 

Blinken said in a tweet, “As directed by @POTUS (US President Joe Biden), I am authorizing $700 million in additional US arms, equipment, and supplies for Ukraine.” 

Since the war began on February 24, the United States has provided almost $4.6 billion in military aid to Ukraine. Furthermore, this support will be part of the Additional Ukraine Supplemental Appropriations Act of 2022, which would offer over $40 billion in new financing to support the US response to the Ukraine situation. 

Meanwhile, Russia warned on Thursday that if it is targeted with long-range missile systems given by the United States to the Ukrainian armed forces, it will "respond immediately." The chief of the Russian delegation heading the discussions on Military Security and Arms Control in Vienna, Konstantin Gavrilov, issued a grim warning to the Rossiya-24 TV station, saying that if Russia is attacked with foreign armament, Russia will respond quickly. 

(Image: AP/ PTI)