FX.co ★ Biden’s approval rating drops due to rising inflation

US President Joe Biden is facing severe skepticism from Americans. More than two-thirds of US residents (69%) disapprove of how Biden is handling inflation.

Recently, US inflation has skyrocketed to record levels. However, the government did nothing. As a result, consumer prices keep rising rapidly. Naturally, Americans are worried about the consequences. They are especially displeased about how the Biden administration is managing this problem. The ABC News/Ipsos poll showed that the overwhelming majority of US residents (69%) disapprove of how Joe Biden is coping with inflation. Only 28% of respondents approve of Biden's administration inflation response. However, the US president admits that consumer prices are too high. He even presented his massive spending plans aimed at driving down inflation. "Everything from a gallon of gas to a loaf of bread costs more and it's worrisome even though wages are going up. We still face challenges, we have to tackle them," he said.

In November, US inflation surged to 6.8% in annual terms, reaching the highest level since 1982. Since November 2020, energy prices have soared by 33.3% and by 3.5% on a monthly basis. Over the year, gasoline prices rose by 58.1%, groceries prices advanced by 6.1%, and prices for used cars and trucks jumped by 31.4%.