US President Joe Biden said on Wednesday that inflation in the country is "unacceptably high" and lowering it is his top economic priority.

In a statement released by the White House, Biden said he is "confident" that the Federal Reserve will do its job to lower the record-high inflation, adding that his administration has built a strong economy and a strong labor market.

"Beyond the Fed, my inflation plan is focused on lowering the costs that families face and lowering the federal deficit," he added.

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./aa