Lower-income and Black and Hispanic Americans have been hit especially hard since a disproportionate share of their income goes toward essentials such as transportation, housing and food.
President Biden seeks to pin the blame on Russian President Putin and disruptions to global energy markets due to Moscow's assault on Ukraine as inflation jumps 8.5% in past year –– highest since 1981.
Biden administration has been under pressure from businesses as well as lawmakers to alleviate the tariff burden, which critics say exacerbate supply issues and drive up prices amid a record wave of inflation.
After sharp Wall Street losses on Friday, the dip continued in Asia at the start of the week while oil prices closed in on the $100-a-barrel mark on fears over the Russian invasion of Ukraine.
US President Joe Biden is caught on a live microphone calling Fox's Peter Doocy a "stupid son of a b****" on the sidelines of a White House photo op.
The Federal Reserve is prepared to accelerate planned interest rate hikes as the inflation rate soared to 7 percent.
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