Biden White House Bracing For ‘Extraordinarily Elevated’ Inflation Numbers

The Biden White House is bracing for an economic report that’s going to show inflation rose to extraordinary levels in March.

Press secretary Jen Psaki is still using the dumb talking point about ‘Putin’s price hike’ to deflect blame for Biden’s policies.

This is all on Joe.

CNBC reports:

White House says it expects inflation to be ‘extraordinarily elevated’ in new report

The Biden administration is bracing for Tuesday’s key consumer inflation report to show that the prices Americans pay soared in March, as Russia’s assault on Ukraine caused energy prices to jump.

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White House press secretary Jen Psaki said Monday that the Labor Department’s previous report — which showed prices rising at a dramatic rate in February — failed to include the majority of the jump in oil and gas costs caused by the Kremlin’s unprovoked invasion.

“We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” Psaki told reporters.

“We expect a large difference between core and headline inflation,” she continued, “reflecting the global disruptions in energy and food markets.”

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The Bureau of Labor Statistics on Tuesday will issue its March update to the consumer price index, or CPI. The CPI is the department’s tool for measuring inflation in a basket of goods and services that the average American would buy — ranging from eggs and milk to cellphones and unleaded gasoline.

Economists consider two versions of the CPI data: The headline number that includes all prices consumers face, and a so-called core CPI that excludes often volatile food and energy price fluctuations.

The report is probably going to be extraordinarily bad.

The Putin talking point is ridiculous. No one believes it.

 

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