US President Joe Biden said that June inflation in the country was unacceptably high, but the energy prices alone accounted for almost half of the monthly increase in inflation.

In his written statement, Biden evaluated the inflation data that exceeded 9 percent in June. Pointing out that the energy item alone accounts for almost half of the monthly increase in inflation, Biden drew attention to the fact that the data announced today do not reflect the full effect of the decline in gasoline prices. Biden also stated that prices of other commodities such as wheat had fallen sharply since June.

Emphasizing that inflation is the most urgent economic problem, Biden said that this problem is effective in almost every country in the world. “Fighting inflation is my top priority. We need to make faster progress in containing price increases,” Biden said. He also said that he will continue to do everything he can to reduce the price of gasoline. He will continue to offer gasoline to the market from the strategic oil reserve and work with the US oil and gas sector to increase production.