NEW YORK, April 29 (Xinhua) -- As U.S. inflation rose to 8.54 percent in March from 7.57 percent in February, having skyrocketed throughout President Joe Biden's first year in office, his signature multi-trillion dollar spending package was blamed as one of the drivers of inflation, Fox Business has reported.
"Inflation is substantially outpacing wage growth, which means Americans have taken a pay cut under the Biden presidency," Fox Business reported Tuesday, quoting Republican Study Committee chairman Jim Banks.
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