U.S. President Joe Biden has sought to downplay a report showing higher-than-expected inflation in June, calling it "out of date” because of declining U.S. gasoline prices.
Biden called inflation "unacceptably high” in a statement but said that "today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices that have reduced the price at the pump by about 40 cents since mid-June.”
"Those savings are providing important breathing room for American families,” Biden said in the statement, issued about one hour after the Labor Department’s report on consumer prices. However, the report showed broad advances in prices across the economy, particularly in housing and food.