US President Donald Trump blamed his predecessor, Joe Biden, for the unexpected acceleration in consumer inflation in January, seeking to deflect a potential political crisis early in his second term. The consumer price index (CPI) rose to 3.0 percent, slightly above economists' estimates, while core inflation, excluding volatile food and energy costs, increased by 3.3 percent. Trump, despite being in office for only 12 days of the period, asserted on Truth Social that the inflation was 'far worse than I think anybody anticipated' due to the previous administration's lack of transparency. This comes as Trump faces concerns about rising prices continuing to accelerate under his watch.
: US President Donald Trump on Wednesday blamed his predecessor Joe Biden for last month's unexpected acceleration in consumer inflation, as he looked to deflect a moment of potential political peril early in his second term.
“BIDEN INFLATION UP!” Trump wrote on Truth Social shortly after the data was published, seeking to blame Biden for the CPI figures, which included 12 days in which was Trump was in office. Now Trump faces the worrying prospect that the increase in prices of essential items could continue to accelerate on his watch.
Speaking in Congress on Wednesday, Fed chair Jerome Powell said the CPI data reinforced the bank's recent cautious approach on interest rate cuts. Also on Wednesday, a White House official confirmed to AFP that Trump's planned 25 percent tariffs on all steel and aluminum imports would be imposed on top of 25 percent tariffs the US president has threatened to slap on Canada and Mexico.
INFLATION TRUMP BIDEN ECONOMY FEDERAL RESERVE
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