As Americans continue to get soaked by soaring inflation, President Joe Biden continues to describe inflation as his number one economic priority.
The U.S. Bureau of Labor Statistics released new consumer price index data on Friday which shows that inflation continues to fly high.
"The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April," according to the BLS. "Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment."
"The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981," the report said.
Americans have been facing skyrocketing gas prices — as of Friday, the AAA national average price for a gallon of regular gas has reached $4.986.
During a speech at the Port of Los Angeles on Friday, Biden reiterated that combatting inflation is his "top economic priority."
The White House has been pointing toward Russia's invasion of Ukraine as one of the main culprit's behind high inflation, and during his speech on Friday, Biden continued that practice by making a comment about Russian President Vladimir "Putin's tax on both food and gas."
President Biden Delivers Remarks at the Port of Los Angeles youtu.be
Russia invaded Ukraine earlier this year, and the U.S. has banned the importation of Russian oil and other products.
"I call on Congress to pass a bill to cut shipping costs this month, and get it to my desk, so we can lower the price of goods," Biden said in a statement about the consumer price index on Friday. "And, I call on Congress to pass legislation to cut costs for families like energy bills and prescription drugs. The deficit has come down more under my watch as President than at any time in history, but if Congress would pass tax reform to make the wealthiest Americans and big corporations pay their fair share, we could reduce this inflationary pressure even more. These are the most significant things Congress can do to help families now and complement the Federal Reserve’s efforts to bring inflation down."
Roaring inflation, which has been dramatically eroding the purchasing power of Americans' money, could pose a serious problem for Democrats during the 2022 election cycle.
A Trafalgar Group survey of likely general election voters found that 59.9% thought that the president's "policies and spending" are the top causes for increasing inflation in America, compared to 31.6% who viewed the Russian conflict with Ukraine as the chief reason for rising inflation. The survey was performed May 25 through May 29 — the Trafalgar Group partnered with Convention of States Action.