Biden says inflation ‘will go up’ if Republicans take control of Congress

President Biden said during a speech in California that prices and inflation will rise if Republicans take control of Congress after November’s midterm elections.

Biden made the comments at an event in Irvine, California, Friday and warned Americans that inflation, as well as prices in general, would rise if Republicans took control of Congress.

“Here’s the gist. So please listen to this. When it comes time to do something about inflation around the table, Republicans in Congress say ‘no,'” Biden said.

“If the Republicans take control, prices will go up, and so will inflation, it’s as simple as that,” he added.

ANALYSIS SUGGESTS THE CUT INFLATION ACT WILL CUT ANNUAL INFLATION BY JUST 0.1 PERCENTAGE POINT

President Biden visits IBM to announce $20 billion investment in the Hudson Valley.
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His comments come just a day after the Department of Labor released updated Consumer Price Index figures showing that prices for everyday goods, including groceries, rents and gasoline, rose 0.4% in September from the previous month.

The figure was above the expected monthly increase of 0.2% predicted by economists at Refinitiv.

Core prices, which exclude food and energy, rose 0.6%.

Grocery prices rose 0.7% in September and 13% over the past 12 months.

After the inflation numbers were released, the White House released a statement from Biden, who said “some progress” had been made.

“Today’s report shows progress in tackling rising prices, although we still have work to do. Inflation over the past three months has averaged 2%, at a rate annualized. That’s down from 11% in the prior quarter,” Biden said. said. “But even with this progress, prices are still too high. Tackling global inflation that is affecting countries around the world and working families here at home is my top priority.”

INFLATION RISE MORE THAN EXPECTED IN SEPTEMBER, AS PRICES REMAIN FORCULLY HIGH

President Joe Biden waves before boarding Air Force One for a trip to Florida to visit areas affected by Hurricane Ian, Wednesday, Oct. 5, 2022, at Andrews Air Force Base, Maryland.

President Joe Biden waves before boarding Air Force One for a trip to Florida to visit areas affected by Hurricane Ian, Wednesday, Oct. 5, 2022, at Andrews Air Force Base, Maryland.
(AP Photo/Gemunu Amarasinghe)

In the statement, Biden also echoed comments alleging inflation would go even higher under a Republican-controlled Congress as they want to repeal the Inflation Reduction Act.

“The number one priority for Republicans in Congress is to repeal the Inflation Reduction Act,” Biden said. “That’s exactly the wrong thing to do right now. If the Republicans take control of Congress, the daily costs will go up — not down.”

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US President Joe Biden leaves Holy Trinity Catholic Church before attending the Phoenix Awards Dinner in Washington, DC, US, Saturday, October 1, 2022.

US President Joe Biden leaves Holy Trinity Catholic Church before attending the Phoenix Awards Dinner in Washington, DC, US, Saturday, October 1, 2022.
(Samuel Corum/Bloomberg via Getty Images)

Over the next five years, the Inflation Reduction Act is expected to reduce annual inflation by only 0.1%, according to a University of Pennsylvania Penn Wharton analysis.

Fox News’ Aubrie Spady and Megan Henney contributed to this report.

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