A new bout of rising US inflation is undermining Joe Biden’s re-election message, threatening the president’s effort to defend his economic record in a crucial phase of the campaign against Donald Trump.
The 3.5 per cent annual increase in the March consumer price index followed a 3.2 per cent gain a month earlier, and has made it suddenly much harder for Biden to argue that inflation is continuing to move steadily downwards since hitting a multi-decade peak in the summer of 2022.
If followed by other hotter than expected inflation figures in the coming weeks, it could also lead the Federal Reserve to push back interest rate cuts that would bring relief from high borrowing costs for many American households this year.
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