Biden claims 40-cent gas price drop makes up for ‘unacceptably high’ inflation

President Biden admitted Wednesday that inflation was “unacceptably high” after the annual rate of price increases surged to 9.1% in June — the highest level since November 1981 — but then tried to brush off concerns about it, citing an incremental drop in gas prices.

Biden also tried to deflect from the worse-than-expected figure by noting that it was “out of date” — something that can be said of every economic report by the time it is released.

“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” Biden said in a statement shortly after he arrived in Israel.

“Those savings are providing important breathing room for American families,” Biden insisted. “And, other commodities like wheat have fallen sharply since this report.”

The average price of regular US gas remains near record highs at $4.63 per gallon, according to AAA, after topping $5 in mid-June.