President Biden has announced plans to keep the Port of Los Angeles open around the clock in order to battle a global supply chain crisis that’s idled container ships off the coast, driving up prices on food, fuel and consumer goods. The move will double the number of hours the port will remain open to relieve unprecedented supply chain bottlenecks.

President Joe Biden: “This is across-the-board commitment to going to 24/7. This is a big first step in speeding up the movement of materials and goods through our supply chain. But now we need the rest of the private sector chain to step up, as well.”

The Labor Department reported Wednesday that the Consumer Price Index rose by 5.4% in September compared to one year prior, partly driven by supply chain problems caused by the pandemic. To keep pace with inflation, the Social Security Administration said Wednesday it would boost benefits by nearly 6% next year.