Karine Jean-Pierre

White House downplays upcoming release of ‘high’ inflation numbers

White House press secretary Karine Jean-Pierre said on Monday that the administration expects high inflation when the new consumer price index (CPI) is released on Wednesday, but played down any wrongdoing. of President Biden on the matter.

“On Wednesday we have new data on the CPI and inflation, and we expect the overall figure, which includes gasoline and food, to be very high, mainly because gasoline prices were so high in June,” said Jean-Pierre. “Gas and food prices continue to be heavily impacted by the war in Ukraine.”

Jean-Pierre also called the data “retrospective” and “outdated”, noting that energy prices have fallen from their highs “and are expected to fall further”.

She added: “The average retail price of gasoline was 11% higher in June than it was in May, and the cost of gasoline in July is already down 7% from its peak. of June.”

AMERICAN INFLATION EXPECTATIONS REACHED NEW 11-YEAR HIGH IN JUNE, NEW YORK FED SAYS

Jean-Pierre’s comments came as consumer expectations for inflation a year ahead hit a new high in June, according to the New York Federal Reserve’s survey of consumer expectations. The outlook for price increases is the highest since the survey began in 2013. Even so, three years from now consumers see inflation slowing slightly to 3.6%, down from 3.9% recorded last month.

Karine Jean-Pierre

White House press secretary Karine Jean-Pierre said on Monday that high gasoline and food prices were largely the result of the war in Ukraine. (Ting Shen/Bloomberg via Getty Images/Getty Images)

Meanwhile, Republicans regularly attack Democrats over inflation on the campaign trail. They attribute high inflation to massive government spending by Democrats, particularly Biden’s US bailout.

AMERICANS PAY EXTRA $5,000 A MONTH ON GASOLINE AS PRICES RISE ONLINE

Inflation is perhaps the biggest contributor to a political environment in which Republicans expect to win big in November.

“I’m very optimistic about future elections coming up in November. The number one issue is inflation,” Senate GOP Conference Chairman John Barrasso, R-Wyo., said on “Fox News Sunday.” . “And in all the problems that people care about, they look to the Republicans as the solution.”

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Democrats and the White House initially said inflation would be transitional in early 2021. But the numbers continued to rise until prices hit repeat 40-year highs.

“Over the period from 1991 to 2020, inflation has averaged nearly 2%, the Federal Reserve’s longer-term target,” Kansas City Federal Reserve Chair Esther George said in a statement. remarks published on Monday. “Inflation today soared to 8.6%, the fastest pace in 40 years.1 For many young Americans, high inflation is a new experience, while for others the situation may sound uncomfortably reminiscent of the 1970s.”

Megan Henney and Matthew Reidy of FOX Business contributed to this report.

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