(Bloomberg) -- President Joe Biden told Democratic donors that they should expect high inflation to persist “for a while,” after new data released Friday show prices rising faster than forecast.
“We're going to live with this inflation for a while,” Biden said at a fund-raising event for Democratic Party campaigns at the home of billionaire producer and investor Haim Saban in Los Angeles.
“It's going to come down gradually but we're going to live with it for a while,” he added.
The Labor Department reported Friday that US consumer prices increased 8.6% in May from a year earlier, a new 40-year record that exceeded forecasts. Core inflation, excluding more volatile energy and food prices, increased 6% year-over-year and 0.6% from a month earlier, also beating estimates.
Earlier Friday, Biden visited the Port of Los Angeles, where he again sought to blame inflation on Russia's invasion of Ukraine and Russian President Vladimir Putin. Biden is in Los Angeles to host the Summit of Americas, a triennial gathering of some Western Hemisphere nations.
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