Speed Reads

inflation

Biden says it's 'highly unlikely' there will be long-term inflation

President Biden understands why Americans are concerned about inflation, but said the "vast majority of the experts, including Wall Street" are suggesting it's "highly unlikely that it's going to be long-term inflation that's going to get out of hand."

Biden made his remarks on Wednesday night, during a CNN town hall in Cincinnati. He said there will "be near-term inflation because everything is now trying to be picked back up," but the U.S. will soon "reduce inflation. Because we're going to be providing good opportunities and jobs for people who, in fact, are going to be reinvesting that money back in all the things we're talking about, driving down prices, not raising prices."

Food, energy, and used car and truck prices are all up, and in June, the consumer price index increased 5.4 percent from a year earlier — the largest one month jump since August 2008.