The economist cautioned Americans should brace for "some quite turbulent times ahead" and announced the matter was not "going to go away of its own volition."
His remarks came hours after Biden repeatedly argued the US saw "zero inflation" last month - despite it actually staying high at 8.5 percent after a 40-year spike in June.
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The President told a press conference he reached the figure because the price of some products went up while the cost of others went down by the same amount.
The 79-year-old proposed it meant there was "zero percent inflation in the month of July "yet admitted many Americans were "still hurting" from the crippling cost of living crisis.
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His latest claim comes only two weeks after Biden declined to admit the US was in a recession - despite economists" warnings - and pushed the idea he was responsible for growth in the economy.
The government on Wednesday released the consumer price report indicating inflation hit 8.5 percent for the month of July - down from 9.1 percent in June.
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On a monthly basis, prices were unchanged from June to July, the smallest such rise for more than two years. Further, prices are spiking across a wide range of goods and services, leaving most Americans worse off.
Average paychecks are rising faster than they have in decades - yet not fast enough to keep up with accelerating costs for such items as food, rent, autos and medical services.
Falling gas prices were credited for last month's relative decline from June, yet this was driven partly by fewer Americans heading to the pumps or filling up less often.
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Biden has pointed to the declining gas prices as a sign his policies - including large releases of oil from the country's strategic reserve - are helping lessen the higher costs.
Yet Republicans are emphasizing the persistence of high inflation as a top issue in the midterm congressional elections, with polls showing elevated prices have driven Biden's approval ratings down sharply.
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On Friday, the House is poised to give final congressional approval to a revived tax-and-climate package pushed by Biden and Democratic lawmakers.
Economists say the measure, which its proponents titled the Inflation Reduction Act, will have only a minimal effect on inflation over the next several years.
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