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'Putin's price hike in gasoline' caused 70 pct of US March inflation: Biden

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A woman pumps gas into her car at a gas station in Alexandria, Virginia, USA, 31 March 2022. The US President ordered the release of one million barrels of oil per day for six months from the nation" s="" Strategic="" Petroleum="" Reserve.="" Shawn="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/04/13/20220413-us-price-hike-in-gasoline.jpg"/><figcaption>A woman pumps gas into her car at a gas station in Alexandria, Virginia, USA, 31 March 2022. The US President ordered the release of one million barrels of oil per day for six months from the nation&#x27;s Strategic Petroleum Reserve. <em>Shawn Thew, EPA-EFE</em></figcaption></figure></div><p>IOWA, United States - The Russian invasion of Ukraine and the resulting increase in gas prices is responsible for most of the record increase in US inflation last month, President Joe Biden said.</p><p>&quot;Seventy percent of the increase in prices in March came from (Russian President Vladimir) Putin&#x27;s price hike in gasoline,&quot; Biden said during a visit to the midwestern state of Iowa, after government data showed consumer prices rose 8.5 percent over the 12 months to March.</p><div><em>More details to follow.</em></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/24/22/fuel-flour-prices-seen-rising-due-to-ukraine-crisis">Fuel, flour prices expected to rise as Ukraine crisis continues</a></li>	<li><a href="https://news.abs-cbn.com/spotlight/03/09/22/dost-proposes-ways-to-deal-with-rising-fuel-costs">DOST proposes ways to deal with rising fuel costs</a></li>	<li><a href="https://news.abs-cbn.com/business/03/08/22/moscow-ban-on-russian-oil-to-have-catastrophic-effect">Moscow warns: Ban on Russian oil will have ‘catastrophic consequences’</a></li></ul><div><strong>RELATED VIDEO:</strong></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/24/22/fuel-flour-prices-seen-rising-due-to-ukraine-crisis">Fuel, flour prices expected to rise as Ukraine crisis continues</a></li></ul>

The Russian invasion of Ukraine and the resulting increase in gas prices is responsible for most of the record increase in US inflation last month, President Joe Biden said.