Inflation concerns continue to plague President Joe Biden and his administration, as recent economic data shows a setback in the progress made to slow inflation. The latest Consumer Price Index data released by the Bureau of Labor Statistics reveals a 3.5% increase in US consumer prices for the 12 months ending in March, marking a concerning trend for the President.

Facing criticism regarding his handling of the economy, President Biden sought to defend his approach, highlighting the significant reduction in the rate of inflation since taking office. He pointed out that inflation, which was skyrocketing when he assumed office, had been brought down from 9% to 3%. However, critics argue that inflation began to rise during Biden's first year as President, as the country started to regain a sense of normalcy following the worst period of the COVID-19 pandemic. By June 2022, inflation had reached its peak at a rate of 9.1%.

Public opinion sits largely divided on the President's economic policies. According to a CNN poll conducted earlier this year, a majority of 55% Americans believe that Biden's policies have worsened economic conditions, while only 26% feel that his policies have improved the situation. The remaining 19% believe his policies have had no effect, with these figures showing little change since the summer.

Interestingly, a vast majority of Republicans, at around 91%, hold the view that Biden's policies have worsened the economy, while a comparatively smaller majority of 55% Democrats believe that his policies have been beneficial. These ongoing concerns surrounding the economy have undoubtedly impacted Biden's approval rating, which has remained below 40% on the handling of the economy since December 2021, currently standing at 37% among the general public.

Addressing the criticisms, President Biden dismissed Republican claims that his administration lacks a plan to combat inflation. He argued that his administration indeed has a sustainable plan, while his opposition primarily focuses on tax cuts for the wealthy and increased taxes for others.

The recent economic report further highlights the bumpy path towards lower inflation, which continues to burden Americans' finances. It suggests that any potential easing of monetary policy by the Federal Reserve may not happen in the near future. However, President Biden remains hopeful and stands by his prediction that there will be an interest rate cut by the Federal Reserve, possibly occurring "before the year is out," although he did acknowledge the possibility of delays.

The impact of the inflation data was immediately felt in the stock market, as US stocks plummeted following the release of the report. The Dow Jones Industrial Average fell by more than 500 points, while the S&P 500 and Nasdaq Composite recorded losses of 1%.

With inflation concerns persisting and public sentiment divided, President Biden and his administration face an uphill battle in regaining confidence in their economic policies and addressing the ongoing inflationary pressures.