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US inflation skyrockets, piling pressure on Biden

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AFP

Washington (AFP) – US inflation surged to a new four-decade high in May, defying hopes that price pressures had peaked and deepening President Joe Biden’s political troubles as Americans struggle to meet the cost of essentials like food and gas. Government data released Friday put inflation at 8.6%, extending increases not seen for a generation, with gas prices hitting daily records fuelled by Russia’s invasion of Ukraine and supply chain challenges related to the pandemic. Biden, whose popularity has taken a hit as prices surge, has made fighting inflation his top domestic priority, but is fi…

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