President Joe Biden blamed Vladimir Putin on Thursday for last month's record inflation in the US.

"Americans‘ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike," Biden said in a statement released by the White House. "A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions."

"As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing," he added.

Annual consumer inflation in the US rose 7.9% in February, the largest 12-month increase since January 1982, according to the Labor Department.

On an annual basis, the indices for energy, gasoline, natural gas and electricity were up 25.6%, 38%, 23.8% and 9%, respectively.

Amid Russia's war in Ukraine, crude oil prices climbed to their highest level in almost 14 years earlier this week.

Biden noted that the US has agreed to the release of 60 million barrels of oil from strategic reserves last week in coordination with allies.

He also stressed that he will promote competition to make sure large US corporations offer American consumers a fair price./aa