The White House has insisted that spiraling prices are 'transitory' and will begin coming down as pandemic supply chain pressures ease.
But on Thursday, the Labor Department reported that year-on-year inflation hit 7.5 percent in January - its highest level since 1982.
'I think it was back in July, you said inflation was going to be temporary,' said Holt.
'I think a lot of Americans are wondering what your definition of temporary is.'
Biden smiled as he pushed back: 'Well, you're being a wise guy with me a little bit.
'I understand, that's your job.'
The issue has sent Biden's approval ratings plunging and previous efforts to dismiss increases as temporary led critics to accuse him of being out of touch.
During the interview, which will be broadcast in full before Sunday's Super Bowl, Holt pushed Biden to explain when Americans could expect some relief.
'According to Nobel laureates - 14 of them that contacted me - and a number of corporate leaders it ought to be able to start to taper off as we go through this year,' he said.
Americans paid more for virtually every facet of life last month, from food to cars, and even housing and their monthly bills.
Energy costs rose by a staggering average of 27 percent, amid right-wing criticism of Biden's efforts to revamp the sector and move away from a dependence on fossil fuels.
The latest data show drivers are still hurting at the pump, with gas prices up 40 percent from last year. Used cars and trucks are up by 40.5 percent.
Costs at the dinner table are also up. Grocery prices are up by an average 7.4 percent since January 2021. People can also expect to pay more for meat, eggs, poultry and fish after their costs rose by 12.2 percent last month.
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