BIDEN: Fighting global inflation is my top priority

Fighting high inflation worldwide is a “top priority” for US President Joe Biden. The White House said in a statement. Earlier, new inflation figures were released from the US. Inflation in the world’s largest economy was 8.2 percent year-on-year in September, slightly lower than a month earlier but higher than expected.

Core inflation, excluding energy and food prices, rose to 6.6 percent from 6.3 percent a month ago. Biden said in the statement that progress is being made in the fight against hyperinflation, but more work is needed. “Prices are still high. The fight against inflation around the world is affecting countries and working families domestically.” He noted that his economic plans put the US in a stronger position than other major economies to face the inflation challenge.

To counter high inflation, central banks around the world are raising interest rates sharply. There are fears in financial markets that these interest rate hikes could trigger a deeper recession. Stock markets fell sharply on Thursday following the release of US inflation data, as the Federal Reserve is likely to continue raising interest rates sharply.