Washington: Amid inflation reaching its peak for the first time in 40 years, President Joe Biden held discussions with Federal Reserve Chairman Jerome Powell, during which he stressed on taking steps to curb inflation.

The President promised the Chairman that he would cooperate with him to deal with rising prices.

According to the Labour Department, the consumer price index rose 8.3% annually in April, marginally lower than the March index of 8.5%. The reason for this was the fall in the price of oil while there has been a steady increase in the cost of food items, rentals and other costs.

The President Biden said that my plan to tackle inflation is simple to respect the independence of the Federal Reserve.

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