White House braces for ‘extraordinarily elevated' inflation numbers
Brett Samuels - Yesterday 3:41 PM
(The Hill) - The White House is bracing for "extraordinarily elevated" inflation numbers to be reflected in Tuesday's data from the Labor Department, attributing it largely to rising energy costs stemming from the Russian invasion of Ukraine.
Monthly data from the consumer price index (CPI), a key gauge of inflation, is due out on Tuesday, and White House press secretary Jen Psaki said officials are prepared for heightened numbers.
"Because of the actions we've taken to address the Putin price hike, we are in a better place than we were last month," Psaki said, indirectly referring to releasing additional oil from the Strategic Petroleum Reserve and calls for oil companies to avoid price gouging.
"But, we expect March CPI headline inflation to be extraordinarily elevated, due to Putin's price hike," Psaki continued, saying the impact of energy prices will largely be to blame.
https://www.msn.com/en-us/money/markets/white-house-braces-for-extraordinarily-elevated-inflation-numbers/ar-AAW6GlW?ocid=msedgntp&cvid=6787d6090a5a42688b44257432fc5efc
