Increase in gasoline prices
“Putin’s invasion of Ukraine has increased the prices of gasoline and food all over the world. The two largest grain producers in the world… Ukraine and Russia are not doing what they normally do, so everything is growing. We saw in today’s inflation data: There was a 70% increase in prices in March because of Putin. leads to Biden’s words are the White House.
According to him, the authorities “should urgently resolve this issue”. That’s why he urged Congress to “take immediate action to reduce the cost of utility bills and prescription drug bills for families.”
So far, we have reduced the deficit by $300 billion. In fact, we have made progress since March inflation data were collected,” he said.
He stressed that the family budget of United States citizens should not depend on “whether the dictator declares war and commits genocide”, as their ability to “replenish their tanks”.
Biden said he allowed 1 million barrels per day to be released from the Strategic Petroleum Reserve over the next six months “to deal with Putin’s price hikes”. He noted that this was the largest release in history.
“I coordinated the release with partners and allies around the world … More than 30 countries have agreed to put another 60 million barrels on the market,” said the US president.
He believes this should be enough to keep prices “low”. “The nations are coming together to make it impossible for Putin to use energy resources as a weapon against American families, families in Europe and around the world,” Biden said.
“And by the way, we also cut off access to technology for him (Russian President Vladimir Putin. – socialbites.ca) … Look at the number of big American companies that are on their own initiative, not at my insistence. – There are more than 600 people from Exxon to McDonald’s – They left Russia … He (Russian President Vladimir Putin. – socialbites.ca) has a problem. And he caused it – we are not going to let him spread this problem to the rest of the world,” Biden said.
Inflation increase in world countries
On the eve of the US Department of Labor statistics office public According to statistics, the consumer price index increased by 1.2% in March compared to February and by 8.5% compared to March of the previous year. This figure is stated to be the highest since December 1981. In addition, the inflation rate in March reached 7.9%, updating the record set in February this year.
Growth in the gasoline, housing and food indices was the largest, according to the U.S. Department. In addition, the largest increase in prices was in the segment of energy products – 32% and used cars – 35%. The price index for food products increased by 8.8%, for clothing – 6.8%.
On the same day, the Federal Statistical Office (Destatis) reportedIn Germany, inflation reached 7.3% in March compared to the same period of the previous year. The ministry noted that inflation in Germany was 2.5% compared to February 2022.
The Federal Statistical Office believes that this is due to a sharp increase in energy prices – 16.4%. The inflation rate was the highest since German reunification.
Rising food prices around the world
Food and Agriculture Organization of the United Nations Monday reportedHe said global food prices accelerated sharply in March 2022.
“The increase recorded this month is primarily due to the rapid rise in world prices for wheat and coarse grains, driven by disruptions in exports from Ukraine and to a lesser extent from the Russian Federation,” the organization said. .
In addition, world poultry meat prices increased due to the situation in Ukraine and the cessation of exports from the country, reduced supply from leading exporting countries, and bird flu epidemics.
According to the organization, the food price index rose 17.9 points (12.6%) from February to 159.3 points in March, reaching its highest level since 1990 as a result of this unprecedented increase. It is stated that this is due to the record increase in the prices of vegetable oils, grains and meat, and the significant increase in the prices of sugar and dairy products.