White House Braces for ‘Extraordinarily Elevated’ Inflation Numbers – By Michael Rainey (The Fiscal Times) / April 11, 2022
The inflation rate hit a multi-decade high of 7.9% in February and now the Biden administration is warning that the March numbers could be even worse.
White House Press Secretary Jen Psaki said Monday that tomorrow’s Labor Department report on the consumer price index is expected to show another round of price increases in the U.S. economy, driven in part by the Russian invasion of Ukraine. “We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” Psaki told reporters.
At the same time, the White House expects the measure of core inflation, which excludes volatile categories such as oil and grains, to be lower. “We expect a large difference between core and headline inflation,” Psaki continued, “reflecting the global disruptions in energy and food markets.”
