According to Amazon founder Jeff Bezos, US inflation is "far too important a problem" for the Biden administration to underestimate. Bezos believes that the US President is no judge of the market rules. The reason for this view was Joe Biden's call for the companies running gasoline stations to lower their prices.
Moreover, the Amazon founder thinks that the US President has "a deep misunderstanding of basic market dynamics."
Earlier, the businessman had quoted from Joe Biden's tweet in which the US President urged the gas station owners to "bring down the price you are charging at the pump to reflect the cost you’re paying for the product”. Biden wrote it on Twitter after gasoline prices had soared. Notably, the price of US gasoline has surpassed $5 a gallon for the first time in mid-June.
According to the American Automobile Association, later fuel prices dropped slightly to $4.8. At the same time, the US president called the surge in gasoline prices "Putin's price hike”. He considered this price dynamics to be a side effect of the Russia-Ukraine conflict.
In response to Biden’s remarks, Russian President Vladimir Putin said that the rise in US fuel prices was "the result of systematic mistakes in the economic policy of the current US administration and the European bureaucracy.
Notably, inflation in the US soared to 7.5% at the start of 2022, its highest rate in the past 40 years. In March 2022, US prices again hit a record high surging to 8.5%. However, consumer prices fell to 8.3% year-on-year in April. Moreover, core inflation, i.e. the price of goods and services excluding food and energy, in the US totaled 6.2%.
