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 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 ongoing Russia-Ukraine war, Biden, who spoke at 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 United States'."

Slamming Russian President, he furr said: “Putin’s price hike hit hard in May here and around world.” "High gas prices at pump, energy, and food prices accounted for around half of monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” he ded as per statement.   

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

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

"We're better positioned (than) just about any country in world to overcome global inflation we're seeing and to take 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 deces as soaring energy and food prices pushed prices higher.

As per Labor Department,  consumer-price index increased 8.6% in May from same month a year ago, marking highest reing 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 war-torn nation in combating Russian aggression. Blinken announced on June 1 that from US Department of Defence stocks, he would allow 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 ditional US arms, equipment, and supplies for Ukraine.” 

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

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

(Image: AP/ PTI)