White House Prepares for Increased Inflation Ahead of New Consumer Price Index Report

The Biden administration expects inflation to continue its unprecedented surge amid the release of the March Consumer Price Index. The Washington Examiner reports, White House press secretary Jen Psaki said “we are in a better place than we were last month,” but the administration expects “headline inflation to be extraordinarily elevated due to Putin’s price hike.”

While Psaki highlighted that the country is better off than last month, she explained that earlier CPI reports did not include increases in energy costs caused by the war in Ukraine. She stated, “We expect a large difference between core and headline inflation, reflecting the global disruptions in energy and food markets. Of course, we know that core inflation, energy, the impact of energy, of course, on oil prices, gas prices — we expect that to continue to reflect what we’ve seen the increases be over the course of this invasion.”

Additionally, Psaki urged Congress to approve the remainder of the president’s economic agenda to “reduce costs for the American people,” claiming, “We have, of course, legislation that could do exactly that and cut the cost of childcare, of healthcare, of elder care. These all have enormous impacts on people’s budgets, on when they’re doing those calculations at their kitchen table, and certainly, this data will be a reminder of the need to do something and take additional steps.”

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