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ILLINOIS, US - MAY 11: President of the United States Joe Biden delivered remarks on Putin’s Price Hike and his Administration’s actions to support farmers and food processors, lower their costs and lower prices for families in Kankakee, Illinois on May 11, 2022. The president's comments came after annual consumer inflation in the US rose 8.3% in April, according to the Department of Labor. The annual increase in consumer prices was 8.5% in March, the largest gain since December 1981. The Fed raised its benchmark interest rate by 50 basis points last week, on top of a 25 basis-point rate hike in March, taking the target range for the federal funds rate to 0.75%-1%. Although the Fed's monetary tightening aims to relieve inflationary pressures, it has caused recession fears for the economy. (Footage by Kyle Mazza /Anadolu Agency via Getty Images)