Latest Breaking News

brooklynite

(96,882 posts) Mon Apr 11, 2022, 03:47 PM Apr 2022

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

Source: CNBC

WASHINGTON — 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.

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.”

6 replies

= new reply since forum marked as read

Highlight:

White House says it expects inflation to be 'extraordinarily elevated' in new report (Original Post) brooklynite Apr 2022 OP

But there will be record corporate profits nt doc03 Apr 2022 #1

Yep Rebl2 Apr 2022 #2

I hope they have a plan to deal with impact of "extraordinarily elevevated" inflation, especially Hoyt Apr 2022 #3

Put a number to it bucolic_frolic Apr 2022 #4

Table of Historical Inflation Rates in Percent (1914-2022) by Month brachism Apr 2022 #5

Last year is really not that bad at 4.7% no even close to 1974 through doc03 Apr 2022 #6

doc03

(38,454 posts)

1. But there will be record corporate profits nt

Reply to brooklynite (Original post)

Mon Apr 11, 2022, 03:49 PM

Apr 2022

Rebl2

(17,038 posts)

2. Yep

Reply to doc03 (Reply #1)

Mon Apr 11, 2022, 05:13 PM

Apr 2022

Hoyt

(54,770 posts)

3. I hope they have a plan to deal with impact of "extraordinarily elevevated" inflation, especially

Reply to brooklynite (Original post)

Mon Apr 11, 2022, 05:20 PM

Apr 2022

on our chances in midterms.

Blaming it on Putin probably isn't going to work with most people since inflation started long before Russian invasion. In fact, I believe the inflation rate in January 2022 was something like 7.0%. Biden and Democrats are not at fault, but like Jimmy Carter, they'll get the blame.

bucolic_frolic

(52,586 posts)

4. Put a number to it

Reply to brooklynite (Original post)

Mon Apr 11, 2022, 05:36 PM

Apr 2022

I read somewhere to expect 8 to 8.5%, but "extraordinary" bumps that up a bit. 9.6? 10.1? With the war and oil, could be 2 points higher. But they must know the number already if they're front-running the PR.

brachism

(82 posts)

5. Table of Historical Inflation Rates in Percent (1914-2022) by Month

Reply to brooklynite (Original post)

Mon Apr 11, 2022, 06:18 PM

Apr 2022

If anyone is curious...

https://www.usinflationcalculator.com/inflation/historical-inflation-rates/

Historical Inflation Rates: 1914-2022

The table of historical inflation rates displays annual rates from 1914 to 2022. Rates of inflation are calculated using the current Consumer Price Index published monthly by the Bureau of Labor Statistics (BLS). BLS data was last updated on March 10 and covers up to February 2022. The next inflation update is set to happen on April 12. It will provide historical inflation rates through to March 2022.

doc03

(38,454 posts)

6. Last year is really not that bad at 4.7% no even close to 1974 through

Reply to brachism (Reply #5)

Mon Apr 11, 2022, 06:50 PM

Apr 2022

1982.

Reply to this discussion