President Biden said during a speech in California that prices and inflation will rise as Republicans take control of Congress after November’s midterm elections.
Speaking during an event in Irvine, Calif., on Friday, Biden warned Americans that if Republicans took control of Congress, inflation and prices in general would rise.
“Here is the bottom line. So please listen. When it’s actually time to do something about inflation at the table, Republicans in Congress will say ‘no,'” Biden said.
“If the Republicans take control, prices will go up, so will inflation, it’s as simple as that,” he added.
ANALYSIS SUGGESTS THAT THE INFLATION REDUCTION ACT WILL REDUCE ANNUAL INFLATION BY ONLY 0.1 PERCENTAGE POINTS
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His comments come just a day after the Labor Department released updated CPI figures, which showed prices for basic necessities, including groceries, rent and petrol, rose 0.4% in September from the previous month .
The number came in above the forecast monthly increase of 0.2% predicted by Refinitiv economists.
Core prices, which exclude food and energy, rose 0.6%.
Grocery prices rose 0.7% in September and 13% over the past 12 months.
Following the release of the inflation numbers, the White House released a statement from Biden, who said “some progress” had been made.
“Today’s report shows some progress in the fight against higher prices, although we still have work to do. Inflation has averaged 2% annually over the past three months. That’s down from 11% in the previous quarter,” Biden said. “But even with this progress, the prices are still too high. Tackling the global inflation that is affecting countries around the world and working families here at home is my top priority.”
INFLATION MORE THAN EXPECTED IN SEPTEMBER AS PRICES REMAIN HIGH
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In the statement, Biden also reiterated comments claiming that inflation would soar even higher under a Republican-controlled Congress because they want to repeal the Inflation Control Act.
“The top priority for Republicans in Congress is repealing the Anti-Inflation Act,” Biden said. “That’s exactly the wrong thing to do at this moment. If Republicans take control of Congress, the daily cost will go up — not down.”
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According to an analysis by Penn Wharton from the University of Pennsylvania, the Inflation Reduction Act is expected to reduce annual inflation by just 0.1% over the next five years.
Fox News’ Aubrie Spady and Megan Henney contributed to this report.
