Across the nation gas prices are at an all-time high, but inflation has slightly dropped

Inflation has been caused by the supply chain challenges because of this historic pandemic and more recently because of Putin’s unprovoked war in Ukraine.

WASHINGTON – The nation is facing rising prices as gas hit an all-time high at $4.40 a gallon, which was up three cents from Tuesday.

This comes as U.S. inflation hit 8.3 percent in April, a slight drop from March.

“It was good to see that inflation has decelerated relative to last month but looking into the hood of this data there is still a lot to be concerned about,” Heather Boushey said.

Boushey is a part of the president’s Council of Economic Advisers and she told Local 10 that despite the slight dip in inflation, food and fuel prices could stay high for some time.

“We know that this inflation has been caused by the supply chain challenges because of this historic pandemic and more recently because of Putin’s unprovoked war in Ukraine that has led to increases in energy prices and quite frankly food prices,” Boushey said.

Her remarks come as President Joe Biden hit the road Wednesday landing in Illinois where he heard from farmers about the impact of inflation on them.

In response, the commander-in-chief announced steps to ease the pain at the grocery store by boosting fertilizer production and reducing red tape for farmers in an effort to ramp up U.S. agriculture exports, which could provide some relief from the high price of food.

“Right now America is fighting on two fronts at home it’s inflation and rising prices aboard it’s helping Ukrainians defend their democracy and feeding those left hungry around the world,” Biden said.

The White House said they are also lifting Trump-era tariffs on China, but at this point, President Biden said no decision has been made yet.


About the Author:

Ben Kennedy is an Emmy Award-winning Washington Bureau Chief for Local 10 News. He has more than a decade of reporting experience nationwide.