Powell says the FRS cannot control global oil and food prices

The US Federal Reserve System (FRS) cannot control oil prices and most food prices. This was stated by the head of the FRS Jerome Powell.

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“Some commodities are out of our control, like oil prices and most food prices,” Powell said.

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At the same time, in Europe, the issue of prices for energy resources and products is much more acute, he noted.

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Earlier, the president of the US Oil and Gas Association, Tim Stewart, announced the worst energy crisis in the country in half a century. Annual inflation in the United States accelerated to 8.6% in May, the highest since December 1981.

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US President Joe Biden has asked Congress to lift the US fuel tax for 90 days to lower domestic gasoline prices.