Biden says prices are too high in trip touting efforts to combat inflation

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BALTIMORE (Businesshala) – US President Joe Biden aimed to showcase his anti-inflationary efforts in a visit to Baltimore on Wednesday, saying prices at stores across the country are too high because inflation hasn’t been seen for more than 30 years. level has been reached.

File photo: November 8, 2021; Washington, DC, USA; US President Joe Biden walks before welcoming the Milwaukee Bucks to the South Lawn of the White House to honor the team for the NBA Championship. Mandatory credit: Scott Tetch—USA TODAY SPORTS/FILE PHOTO

“Consumer prices remain very high,” Biden said after the latest data showed the inflation race at its fastest annual pace in three decades as he vowed to “tack” the problem.

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US consumer prices rose 6.2% in the 12 months to October, the Labor Department reported Wednesday, the biggest year-on-year jump since November 1990.

The carefully chosen backdrop for Biden’s visit was the port of Baltimore, one of the busiest in the country.

Port congestion has been a major source of supply shortages in the US economy, but they stand to benefit from billions in funding from a $1 trillion infrastructure package passed here on Friday with bipartisan support after months of talks .

The Democratic president, whose popularity has waned in recent months due to economic concerns, is hoping to convince voters that Democrats campaign to invest in the future of the United States ahead of the 2022 mid-term elections. Fulfilled the promise of, when the party will be searched. Defend your thin majority in Congress.

His administration’s efforts include working with the ports of Long Beach and Los Angeles to move goods round-the-clock, and new plans were announced yesterday to relieve congestion at the port of Savannah.

The infrastructure package includes a $17 billion investment here to help the ports, including dredging to allow larger ships and capacity expansion. A separate proposal worth about $1.75 trillion would expand the country’s social safety net and fight climate change.

The Port of Baltimore imports and exports more autos, agricultural machinery, and construction equipment than any other US port. It employs more than 15,300 people.

The White House said improvements to Baltimore port, which can accommodate some of the world’s largest container ships, have helped ease congestion at other East Coast ports.

Additional reporting by Jarrett Renshaw in Philadelphia; Written by Trevor Hunnicutt; Editing by Scott Malone and Alistair Bell

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