Donald Trump launched a scathing attack on President Biden’s handling of inflation just hours before buying Chick-Fil-A for an entire Atlanta restaurant.
The former President took to his social media platform Truth Social to pounce on the news that the annual rate of inflation rose again to 3.5 percent in March.
Later in the day, he was filmed in a jovial mood as he visited a Chick-Fil-A where he picked up the tab for the entire restaurant.
The latest inflation report had already caused stocks to tumble amid fears it will deter the Federal Reserve from slashing interest rates which are already at a 23-year-high.
Trump wrote: ‘INFLATION IS BACK – and RAGING! The Fed will never be able to credibly lower interest rates, because they want to protect the worst President in the history of the United States.’
Trump was filmed in a jovial mood as he visited a Chick-Fil-A in Atlanta where he picked up the tab for the entire restaurant
He told staff: ‘So, can I have 30 milkshakes and also some chicken? I’m going to take care of the customers’
The outing came just hours after Trump posted on Truth Social to lambast President Biden for his handling of inflation
Trump sensationally accused the Federal Reserve of protecting Biden
Trump was later seen hugging and talking with customers at an Atlanta Chick-fil-A, adding the restaurant served ‘great chicken.’
He told staff: ‘So, can I have 30 milkshakes and also some chicken? I’m going to take care of the customers.’
Videos showed him passing food and drinks to those crowded around him.
The 77-year-old was in Atlanta to take part in a fundraiser in the city as he continues his campaign to return to the White House.
It comes after Biden appeared to blame big corporations for stubborn inflation.
He said in a statement: ‘I’m calling on corporations, including grocery retailers, to use record profits to reduce prices.
‘Congressional Republicans want to slash taxes for billionaires and big corporations, while helping special interests and Big Pharma raise prices. I won’t let them.’
The unexpected reacceleration of inflation is proving to be a big blow to Biden’s bid for re-election which has so far been focused on gaining the support of young voters and first-time homebuyers
Staff at the Chick-Fil-A are pictured handing Trump a milkshake during his visit
Trump also told reporters that Chick-Fil-A served up ‘great chicken’
Trump wrote earlier in the day: ‘INFLATION IS BACK – and RAGING! The Fed will never be able to credibly lower interest rates, because they want to protect the worst President in the history of the United States’
The 77-year-old was in Atlanta to take part in a fundraiser in the city as he continues his campaign to return to the White House
Videos showed him passing food and drinks to those crowded around him
It marked a change in tone from the President who has previously remained an upbeat tone over steadily rising inflation figures in recent months.
After February’s report he insisted the White House had made ‘great progress’ on tackling the issue.
The unexpected reacceleration of inflation is proving to be a big blow to Biden’s bid for re-election which has so far been focused on gaining the support of young voters and first-time homebuyers.
But the Consumer Price Index (CPI) shows shelter costs – which includes rents and mortgages – is one of the main drivers of inflation. This and gasoline accounted for more than half of the increase in March.
Soaring inflation has sparked the Fed’s tightening cycle which has sent interest rates to a 23-year-high of between 5.25 and 5.5 percent.
Inflation rose to 3.5 percent in March as prices were pushed up by the high cost of housing and gas
It comes after new data revealed how inflation had already eroded the buying power of a $100 grocery shop in five years
In theory higher rates are intended to reign in consumer spending and thus curb rising prices.
The Fed’s benchmark funds rate has a knock-on effect on the rate offered on mortgages, credit cards and personal loans.
The average 30-year fixed-rate mortgage is now close to 7 percent while the average credit card rate is above 20 percent, according to Bankrate.
The Fed has committed to bring inflation down to a target of 2 percent before it slashes rates.
It had been hoped officials would cut rates up to four times this year.
However, today’s hotter-than-expected report caused financial markets to push back their expectations for the first rate cut to September from June, according to CME’s FedWatch Tool.