Psaki Warns Of ‘Extraordinarily Elevated’ Inflation Data, Blames ‘Putin’s Price Hike’Shelby Talcott
Senior White House Correspondent
April 11, 2022 3:03 PM ET
White House press secretary Jen Psaki warned Monday that the administration is expecting “extraordinarily elevated” monthly inflation data.
The Consumer Price Index (CPI) for March is expected to be released Tuesday, and experts predict it will show 8.4% inflation over the past year, Axios reported. Psaki, speaking to reporters during a press briefing Monday, blamed Russian President Vladimir Putin for the incoming “elevated” numbers.
“Because of the actions were taken to address the ‘Putin Price Hike,’ we are in a better place than we were last month, but we expect March … CPI headline inflation to be extraordinarily elevated due to ‘Putin’s Price Hike’, and we expect a large difference between core and headline inflation, reflecting the global disruptions in energy and food markets,” Psaki said.
The administration adopted the term “Putin Price Hike” upon announcing a ban on new imports of Russian oil earlier in March due to Russia’s invasion of Ukraine. Since the announcement, administration officials have tied high gas prices to Putin’s war on Ukraine – though the U.S. has seen inflation far prior to Russia invading Ukraine.
“Just as an example, since President Putin’s military buildup accelerated in January, average gas prices are up more than 80 cents. Most of the increase occurred in the month of March, and at times gas prices were more than one dollar above pre-invasions levels,” Psaki said on Monday.
“So, that roughly 25% increase in gas prices will drive tomorrow’s inflation reading, and certainly it’s not a surprise to us, but we certainly think it will be reflected,” she added.
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https://dailycaller.com/2022/04/11/jen-psaki-extraordinarily-elevated-inflation-putins-price-hike/
