During remarks from the White House Wednesday President Joe Biden said he couldn’t guarantee that inflation would go away in the second half of his term.
President Biden said during a press conference on Wednesday that he can’t “guarantee” his administration will be able to get rid of the country’s inflation issue.
Biden was responding to a reporter’s question asking what he can “promise concretely in these next two years that will help turn the pocketbook for the better in the midst of staving off a recession.”
“And so, but what I can’t do is, I can’t guarantee that we’re going to be able to get rid of inflation,” Biden said. “But I do think we can, we’ve already brought down the price of gasoline about a dollar a gallon across the board.”
He went on to say that oil companies “are really doing the nation a real disservice.”
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US President Joe Biden smiles during a news conference in the State Dining Room of the White House in Washington, DC, US, on Wednesday, Nov. 9, 2022. Biden is speaking following a midterm election in which Democrats fared better than expected and avo (Ting Shen/Bloomberg via Getty Images / Getty Images)
“They’ve made, six of them made over a hundred billion dollars in the last quarter in profit,” Biden said.
In January 2021, when Biden took office, the consumer price index, a measure of everyday items such as gasoline, groceries and rents, was climbing at a 1.4% annualized basis.
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President Joe Biden speaks at a campaign event for New York Gov. Kathy Hochul, Sunday, Nov. 6, 2022, at Sarah Lawrence College in Yonkers, N.Y. (AP Photo/Patrick Semansky / AP Newsroom)
In September, prices climbed by 8.2% on an annual basis.
When compared to the same time last year, core prices, which exclude food and energy, rose by 6.6%, the fastest rate since 1982.
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President Joe Biden speaks during a campaign event where he joined New York Gov. Kathy Hochul at Sarah Lawrence College in Yonkers, N.Y., Sunday, Nov. 6, 2022. (AP Photo/Craig Ruttle / AP Newsroom)
Biden made the comments about inflation one day after the midterm elections, which he says that Democrats fared well in, stating that a red wave didn’t materialize.
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“While we don’t know all the results yet, at least I don’t know them all yet, here’s what we do know — the press and the pundits were predicting a giant red wave — it didn’t happen,” Biden said.
FOX Business’ Megan Henney contributed to this report.