Announced new steps that his administration is taking to address the rising inflation across the country, and it includes emergency measures meant to ease the spike in energy prices we ve all seen since russia s invasion of ukraine. cnn s jeff zeleny has the details now traveling with the president in iowa. reporter: president biden scrambling to address the latest grim economic news with u.s. inflation surging to a new four-decade high. the consumer price index climbed 8.5% in march from a year ago, the fastest annual hike since december 1981, driven largely by rising oil and gas prices after russia invaded ukraine. putin s invasion of ukraine has driven up gas prices and food prices all over the world. reporter: the president taking aim at those high gas prices while touring an iowa ethanol plant, where he announced a plan to temporarily allow a higher content of ethanol-blended gasoline to be sold this summer, suspending a ban on the fuel known as e-15, which is made of 15% et
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New four-decade high. the consumer index climbed the fastest annual like. putin s invasion in ukraine has driven up gas prices and food prices all over the world. reporter: the president taking aim at those high gas prices today while touring an iowa ethanol plant where he announced a plan to temporarily allow a blend of gasoline to be sold this summer suspending the ban on fuel known as e-15. it was a rare presidential visit to the small community in a conservative county where the economy is on the minds of detractors for me, to compare it to two or three years ago, on the same products. today it is tremendously higher. reporter: and supporters alike. when people are hurting and in tough times, we really
Close to a record with nearly 15% inflation in the early 1980s. along with soaring unemployment. today, a low unemployment rate of 3.6% and a strong demand for workers offers optimism for a stronger economy ahead. reporter: and president biden just finished his speech here a few moments ago. he said american pocket books should not be determined by the genocide committed by another dictator in another country. the first time president biden has used the word genocide, talking about ukraine. as for inflation, the central question is whether it has hit its peak or if that is still to come. jake? traveling with the president in iowa. thank you. so brian, obviously, inflation in the u.s. is skyrocketing. new numbers from the labor department showed the consumer price indelve rose 8.85 for the