Izuchukwu Okosi
UNITED States of America President Joe Biden said Tuesday (early hours Wednesday in Nigeria) that the rising inflation rate in the US is due to the effects of COVID-19.
“The significant reason why prices are up is because of COVID affecting the supply chain,” he said at a press conference at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland.
Join our WhatsApp ChannelPresident Biden was responding to a reporter who noted that besides gasoline prices, the cost of everyday items are up and inflation in the country is at a 13-year high.
“So when specifically should Americans expect those prices to come down?” asked the reporter.
The president revealed that his administration is working on the supply chain issue this year.
On the increase in gasoline prices, Biden blamed Russia and oil producing nations.
“That is a consequence of thus far the refusal of Russia or the OPEC nations to pump more oil,” he added.
The annual inflation rate is 5.4% for the 12 months that ended September after increasing 5.3% previously, according to the Labour Department.
But Biden argued that “things are a hell of a lot better, and the wages have gone up higher, faster than inflation. And we have generated real economic growth.”
“It doesn’t mean these dislocations aren’t real. They do affect people’s lives,” he added.
Izuchukwu Okosi is a Nigerian sports and entertainment journalist with two decades of experience in the media industry having begun his media journey in 2002 as an intern at Mundial Sports International (MSI) and Africa Independent Television (AIT), owners of Daar Communications Plc.
