Russia attacks Ukraine: Biden blames Putin for inflation hike

As the U.S. is battling inflation, and household budgets are being stretched to the limits, President Joe Biden says the blame should be placed on Russian President Vladimir Putin.

Inflation is now at a rate of 7.9%, according to the Bureau of Labor Statistics, an amount not seen since January 1982, CNN reported.

Price increases came from gas, food and housing with prices overall rising 0.8% in February. Food prices went up 1% when compared to January and overall have gone up 7.9% in the past 12 months, the largest jump since July 1981. Grocery store prices rose 8.6% over the year, the largest increase since April 1981, according to CNN.

Gas prices are up 6.6% in the past month but 38% over the past year.

In a statement released after the U.S. inflation report came out, Biden said that while jobs are being created at a “record level” ... “At the same time, today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike. A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions. As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”

Biden said he is trying to help bring down costs by having 600 million barrels of oil released by U.S. strategic reserves, trying to have more products made in America and strengthening supply chains.