president Biden said During a speech in California, prices and inflation would rise if Republicans took control of Congress after the November midterm elections.
Biden made these comments during an event in Irvine, California, On Friday, he warned Americans that inflation and prices in general would rise if Republicans took control of Congress.
“That’s the bottom line,” Biden said. “So please listen to this. When it’s time to do something about inflation around the table, Republicans in Congress say ‘No’.”
“If the Republicans take control, prices will go up, and so will inflation, it’s that simple,” he added.
His comments come just a day after the Labor Department released updated CPI figures that show prices for everyday goods including groceries, rent and gasoline rose 0.4% in September from the previous month.
The number was higher than expectations of a 0.2% monthly increase from economists at Refinitiv.
Core prices, excluding food and energy, rose 0.6%.
Grocery prices are up 0.7% in September, and 13% over the past 12 months.
After the inflation figures were announced, the White House released a statement from Biden, saying that “some progress” had been made.
“Today’s report shows some progress in combating price hikes, even with more work to be done. Inflation over the past three months has been at 2% at an annual rate. That is down from 11% in the previous quarter,” Biden said. “But even with this progress, prices are still very high. Fighting the global inflation that is affecting countries all over the world and families working here at home is my top priority.”
In the statement, Biden also echoed comments claiming that inflation would rise further under a Republican-controlled Congress, as they want to repeal the Inflation Cut Act.
“The first priority for Republicans in Congress is to repeal the Inflation Act,” Biden said. “This is exactly the wrong thing to do at this moment. If the Republicans take control of Congress, the daily costs will go up – not down.”
Over the next five years, the Inflation Reduction Act is expected to reduce annual inflation by just 0.1%, according to the University of Pennsylvania Ben Wharton Analytics.
Aubrey Spade and Megan Heaney of Fox News contributed to this report.