Biden Blames Worldwide Shippers And Russia’s War For Soaring Inflation Rates

NBC News published this video item, entitled “Biden Blames Worldwide Shippers And Russia’s War For Soaring Inflation Rates” – below is their description.

Inflation is at 8.6 percent, now growing the fastest since 1981. Gasoline, housing and food costs are up. Speaking in Los Angeles, President Biden blamed higher prices on worldwide shippers who are price gouging and Russia’s war in Ukraine. Many economists also blame pandemic-related stimulus money and the FED for not acting sooner. Pressure is building on Federal Reserve Chairman Jerome Powell to raise interest rates faster and bring inflation under control.

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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Ukraine is a large country in Eastern Europe known for its Orthodox churches, Black Sea coastline and forested mountains. Its capital, Kiev, features the gold-domed St. Sophia’s Cathedral, with 11th-century mosaics and frescoes. Overlooking the Dnieper River is the Kiev Pechersk Lavra monastery complex, a Christian pilgrimage site housing Scythian tomb relics and catacombs containing mummified Orthodox monks.

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