Biden: Inflation, Price Increases Are ‘Temporary’

EXCERPT:

BIDEN: “We also know that as our economy has come roaring back we see some price increases. Some folks have raised worries that this could be a sign of persistent inflation but that is not our view. Our experts believe, and the data shows, that most of the price increases we've seen are -- were expected and expected to be temporary. The reality is you can't flip the global economic light back on and not expect this not to happen. As demand returns there is going to be global supply chain challenges. We've seen that in semiconductors which are used in automobiles. That global shortage has slowed vehicle production creating a temporary spike in car prices. That's a real challenge. My administration is doing everything we can to address it, but again these disruptions are temporary.”