Biden’s Battle Against Inflation Gets Tougher With Latest Data

A third consecutive month of higher-than-expected inflation data dealt a double-barreled blow to Joe Biden’s political prospects ahead of November’s election, exacerbating concerns voters could punish him over high prices and delaying hopes for Federal Reserve rate cuts the president has predicted.

Biden hoped to sell voters on post-pandemic economic stabilization, with easing price pressures and a still robust job market. But the president acknowledged after Wednesday’s report – which saw the consumer price index excluding food and energy costs increase 3.8% over the past year – that inflation was still stretching family pocketbooks thin.

“Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago,” Biden said in a statement.

Moreover, it’s getting harder to envision the Fed delivering on rate cuts before the election, a move that would add more juice to the stock market and make it easier for Americans to buy houses and cars and service their debts.