Biden says 70% of inflation gain in March result of Putin's war effect on gas prices

By Ovunc Kutlu

ANKARA (AA) - US President Joe Biden said Wednesday that 70% of the increase in inflation last month was a result of Russian President Vladimir Putin's “Price Hike” because of his war against Ukraine and its effect on gasoline and energy prices.

"Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world. We saw that in the most recent inflation data," Biden wrote on Twitter.

"I’m doing everything I can to bring down prices and address the Putin Price Hike," he said.

Biden noted that he authorized the release of 1 million barrels per day of crude oil, coordinated with US' partners and allies around the world, as his administration works with American oil producers to ramp up production.

"Beyond gas prices, I’ve called on Congress to move immediately to lower the cost of families’ utility bills, prescription drugs, and more — while lowering the deficit to reduce inflationary pressure. That would make a big difference for families," he added.

With rising global demand in the post-coronavirus pandemic era and supply worries amid the war, crude prices in early March climbed to their highest in almost 14 years.

Annual consumer inflation in the US soared to 8.5% in March, its highest since December 1981. Producer prices jumped 11.2% in March from the same month last year, its highest annual gain since November 2010.

The national average for gas stood at $4.318 per gallon for regular gasoline, its highest since 2008.