President Joe Biden in July dismissed concerns over inflation, saying it's "highly unlikely" there will be "long-term inflation." Energy Secretary Jennifer Granholm echoed Biden's claim this month, telling CNN that there is a "transitory nature to the inflation problem."
While the White House downplays the threat of rising consumer prices, the Labor Department on Wednesday said the annual inflation rate has hit its highest point in 30 years, and economic observers warn there could be no end in sight for the country's inflation surge.