US President Joe Biden has lost control over the economic situation in the country. “Biden has completely lost control of inflation, it has returned to rampant levels”, former US President Donald Trump told supporters in Georgia.
Earlier, the US Labor Department released data showing US consumer prices rose 3.5% year-on-year in March. In February this year, this figure was 3.2%, in January - 3.1%, in December 2023 - 3.4%, in November - 3.1%. On a monthly basis in March, consumer prices rose by 0.4%.
In the US, inflation has slowed significantly since June 2022, when it hit a 40-year high of 9.1%. The U.S. Federal Reserve, which serves as the nation's central bank, has yet to begin cutting its key interest rate, which remains at 5.25-5.5%. Experts believe the Commerce Department's inflation data will likely prevent the financial regulator from cutting rates in the first half of this year.