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.
The Labor Department's previous report did not include the majority of the increase in oil and gas costs caused by the Kremlin.
We expect the headline inflation of the consumer price index to be very high in March due to Putin's price hike.
The global disruptions in energy and food markets are expected to have a large difference between core and headline inflation.
The Bureau of Labor Statistics will release an update to the consumer price index on Tuesday. Eggs, milk, cell phones, and gasoline are some of the goods and services that the average American would buy if inflation were measured in the basket of goods and services.
The headline print that includes all prices consumers face, and a so-called coreCPI that excludes volatile food and energy prices are considered by economists.
The White House says it expects the headline and core readings to be different because of the increase in gasoline prices. The price for a gallon of regular unleaded gasoline hit a record high of $4.33 on March 11, according to the American Automobile Association.
The price has dropped to $4.11 a gallon.
At times, gas prices were more than one dollar above pre-invasion levels, so that 25% increase in gas prices will drive tomorrow's inflation reading.
The year-over-year price jumps have been hitting levels not seen since Ronald Reagan was in the Oval Office, according to Labor Department data. The consumer inflation index rose 7.9% over the last 12 months, the highest level since 1982.
The consumer price report for March is due out on Tuesday. Time.
The press secretary said that President Joe Biden has taken several steps to help lower energy costs, including releasing 1 million barrels of oil a day from the nation's strategic oil reserve.
On the last day of March, Biden blamed Putin for the spike in energy costs.
Many people are no longer buying Russian oil. I banned Russian-imported oil here in America, Republicans and Democrats supported it. Biden said on March 31 that it was the right thing to do.
The president said at the time that it would come with a cost. The price hike by Putin is hitting Americans at the pump.
The legislation backed by the White House and congressional Democrats could help cut child-care and health-care costs.
All Rights Reserved © 2024
