U.S. president Joe Biden said that most experts believe that long-term inflation is unlikely to get out of control, and most experts expect inflation to be temporary.
Biden said the United States is experiencing "short-term inflation" as the economy recovers from the pandemic, but prices are unlikely to continue to spiral higher.
"when you think about it, it makes sense. The cost of cars is a bit back to where it was before the pandemic, "Biden said at the CNN town hall in Cincinnati. But most economists believe that "long-term inflation is unlikely to get out of control," he said. "
"there will be inflation in the short term," he said, because the economy "is now trying to pick up."
In recent weeks, inflation has become a political burden on the White House. Us consumer prices rose the most in more than 12 years last month, with a labour department index rising 5.4 per cent from a year earlier.
Car prices have largely contributed to the rise in overall inflation, which is actually much higher than it was before the epidemic.
"inflation is pushing up all costs," Senate Minority Leader Mitch McConnell said at a news conference on Wednesday.
A large part of recent inflation is related to a shortage of parts in the economy or a surge in demand after the economy reopened, including cars, hotels and timber, a point Biden stressed.