prices as well, because ukraine and russia are two of the world s major bread baskets for wheat and corn are essentially completely stalled. ukraine has 20 million tons of grain in storage in silos right now. we re trying to figure out how to get it out of the country to market which will reduce prices around the world. normally, we would have already begun to export them into the market. it hasn t because of putin s invasion. we are working with our european partners to get this food out to the world so they can bring down prices. it s difficult because, again, of putin and the russian invasion of ukraine. those two major contributors to inflation are both global in nature. that s why we are seeing historic inflation in countries all over the world. here is the good news. because of the actions we have taken, america s in the stronger position to meet this challenge
putin s war has raised food prices as well because ukraine and russia, two of the world s major bread baskets for wheat and corn are essentially completely stalled. ukraine has 20 million tons of grain in storage and silos right now. they re trying to figure out how to get out of the country to market to reduce prices around the world. normally we d have already begun to export them into the market, but it hasn t because of putin s invasion. so we re working with our european partners to get this food out into the world to help bring down prices. but it s difficult because, again, of putin and the russian invasion of ukraine. and those two major contributors to inflation are both global in nature. that s why we re seeing historic inflation in countries all over the world. but here s the good news. because of the actions we ve taken, america is in the
bottomed out last week at $4.07 gallon. a drop in oil prices and unprecedented release of oil from emergency stockpiles fuelled the drop. but uncertainty about russia oil supply and war in ukraine help send the national average up to 4.10 a gallon tuesday. president biden addressed inflation and stop in new hampshire on tuesday. putin s invasion of ukraine has driven up gas prices and food prices all over the world. two major bread baskets of wheat and the world, ukraine and russia. united states is number three. and canada number four. we saw the most recent inflation data. last month about 70% of the increase inflation was consequence of putin s price hike. because the impact on gas and energy prices. i m doing everything i can to bring down the price to address his price hike. that s why i authorized the
for inflation is vladimir putin, not a joke. putin s invasion of ukraine has driven up gas price and food prices all over the world. two major bread baskets of wheat in the world are ukraine and russia. the united states is number 3. canada number 4. well, we saw the most recent inflation data last month about 70% of the increase in inflation was a consequence of putin price hike because of the impact on gas and energy prices. i m doing everything i can to bring down the prices. pete: like is he everywhere. steve: do you have more to say, mr. president about inflation? once again, you need to blame somebody. because you can t blame his policy. there is a great story today in the wall street journal, i know there are a lot of retired people who are watching, and for decades retirees have relied on what is referred to as the 4% rule. this was created by a guy by the name a financial planner by the
it s one of the bread baskets in the world. i m hearing farmers in kansas saying commodity prices are so high right now we can t afford as much fertilizer. we re not going to get the harvest here. that s when you get the food rise. it s bad for economics. this can reshape geopolitics. food and fuel shortages. history is the book of history is written with what happens when that is a problem. you re preparing the sixth round of sanctions against russia. the trick here, i was talking to nic robertson, punish putin s aggression but don t throw your economy dmoo a deep recession. how are we doing on the recessions? are they biting russia again? nkts well, you know, yes in the