Biden says inflation still 'unacceptably high,' bringing it down his top economic priority

Stuart Varney: Biden’s ‘desperate’ inflation speech was a set-up for November

FOX Business host Stuart Varney argues Biden delivered a campaign speech instead of remarks on policy.

President Biden stated that inflation remains "unacceptably high" and reducing it is his top economic priority Wednesday.

Biden made the statement on Twitter after news broke that the U.S. hit 8.3% inflation in April, hovering near the 40-year high the country hit in March.

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The Labor Department released its measurement of the consumer price index on Wednesday. The CPI is an aggregate measurement of everyday good including groceries, gasoline, and rents.

Food in particular rose 1% over its inflation last month. It was the 17th month in a row that food costs have inflated.

President Biden delivers remarks on the Covid-19 response and the vaccination program at the White House on Aug. 23, 2021, in Washington. (JIM WATSON/AFP via Getty Image / Getty Images)

April did see a slight drop in inflation since March, which itself had 8.5% inflation over the same time last year.

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Biden delivered a speech blaming the inflation crisis on both the COVID-19 pandemic and Russia on Tuesday. Russian President Vladimir Putin's response to Western sanctions against his invasion of Ukraine has raised gas prices in the U.S. Biden has committed to release 1 million barrels of oil from the country's strategic reserve for the next six months to offset the rising cost of gas.

Biden also blasted "ultra-MAGA" Republicans, claiming the party doesn't have their own plan to fight inflation. He went on to say that his administration has only failed to address inflation due to Republican opposition in the Senate. The Senate is currently split 50-50 between Republicans and Democrats, and Vice President Kamala Harris would wield the deciding vote in a tie.

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