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White House Warns Of ‘Extremely Elevated’ Inflation In March

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Joe Biden

During Monday’s press briefing, White House Press Secretary Jen Psaki warned that the upcoming Consumer Price Index report from the U.S. Bureau of Labor and Statistics will show especially high inflation numbers and said that the numbers are a result of the Russian invasion of Ukraine.

“Because of the actions we’ve taken to address the Putin price hike, we are in a better place than we were last month, but we expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” Psaki said, referring to an attempt by the Biden administration to blame rising gas prices on the Russian invasion of Ukraine – despite gas prices beginning their rise during Biden’s first month in office over a year ago.

“We expect a large difference between core and headline inflation, reflecting the global disruptions in energy and food markets,” she added, noting that core inflation excludes energy and food prices but headline data does not.

“I will say that anytime there’s heightened monthly data or inflation reporting or numbers, it is a reminder to us, to our allies on the Hill and hopefully to many of the American people that we need to do more to reduce costs for the American people,” Psaki added.

“We have, of course, legislation that could do exactly that — cut the cost of childcare, of healthcare, of eldercare,” she claimed.

The upcoming Consumer Price Index report, which is to be released on Tuesday, is expected to show that annual inflation for the year ending in March 2022 exceeded the 7.9% annual inflation rate that was reached the previous month – which was the highest level in 40 years.

The inflation crisis, which began shortly after Biden took office, has been driven by massive government spending. As explained by economist John Cochrane, the inflation crisis is directly attributable to government spending. According to The Wall Street Journal, Cochrane “traces the present inflation to the pandemic and the government’s response. Starting in March 2020, ‘the Treasury issued $3 trillion of new debt, which the Fed quickly bought in return for $3 trillion of new reserves.’ The Treasury then sent checks to people and businesses, later borrowing another $2 trillion and sending more checks. Overall federal debt rose nearly 30%. ‘Is it at all a surprise,’ Mr. Cochrane asks, ‘that a year later inflation breaks out?’”

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5 Comments

5 Comments

  1. Mark

    April 12, 2022 at 8:57 am

    Get this Jerk Off out of the WH before it is too late!

  2. Stevec

    April 12, 2022 at 9:09 am

    Notice how it is the Putin price hike? And Trump was severely criticized for calling Covid the China virus.

  3. Divia

    April 12, 2022 at 11:26 am

    ROFLMAO!

    Little Red Lying Hood couldn’t take it any more and left for MSNBC

  4. Robert w Coad

    April 12, 2022 at 12:43 pm

    YUO DID ALL OF IT YOY STUPID JERK

  5. Kent Robinson

    April 12, 2022 at 1:53 pm

    “The Putin Price Hike???” She meant to say “The Senile, Lyin, Slimy, Little Joey Biden incompetence and malfeasance.”

    There. Fixed it for ya.

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Economy

Report: April 2022 Inflation Was Worse Than Expected

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The inflation crisis continued to worsen in April, according to new data released by the Bureau of Labor Statistics on Wednesday.

“The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain,” CNBC reported. “That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.”

According to the new CPI report, inflation “increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March… The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

Due to the rising inflation rate, the real wages of American workers continued to fall over the last year. According to a separate report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

As noted by CNBC, “Markets had been looking for signs that March’s 8.5% CPI reading would mark the peak in pandemic-era inflation.”

However, the new April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

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Economy

Gas Prices Hit All Time High Of $4.37 Per Gallon

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Gas Prices

Gas prices have surged to a new record high of $4.37 per gallon, surpassing a previous record set March 11, according to the American Automobile Association (AAA).

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” AAA spokesperson Andrew Gross said in a statement. “These prices are creeping closer to those record high levels of early March.”

As AAA explained in a new report, new data from the Energy Information Administration (EIA) shows that “total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.”

As gas prices reached record highs in March, Democrat President Joe Biden warned that they were going to continue to “go up,” but he said that he “can’t do much right now. Russia’s responsible [for the rising gas prices.]”

It should be noted that gas prices rose nearly 50% during Biden’s first year in office; rising from $2.42 per gallon in January 2021 to $3.41 per gallon in January 2022 – a month before Russia launched its invasion of Ukraine.

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