An Inflation Spike Threatens the Economy and Biden’s Political Prospects
Another spike in monthly price growth is posing a serious threat to the U.S. economy — and President Biden’s political prospects.
New consumer price index (CPI) inflation data to be released Friday is expected to show consumer prices rising at a faster rate between April and May, due largely to surging oil prices and their ripple effects throughout the economy. Shocks to the global food supply driven by the war in Ukraine and a sharp increase in summer travel and energy usage are other factors likely to push inflation even higher.
After months of downplaying inflation, inaccurately predicting its decline and blaming price growth on a wide range of outside forces, Biden and his top economic officials are coming to terms with the challenge in front of them.
