White House warns of 'extraordinarily elevated' US inflation

WASHINGTON

The White House warned on Monday that US inflation for the month of March is likely to be "extraordinarily elevated" ahead of the release of the Labor Department’s consumer price index.

Spokeswoman Jen Psaki continued to pin blame for elevated costs facing many Americans on Russia's war against Ukraine, but said the Biden administration needs "to do more to reduce costs for the American people."

She said the Labor Department's last report, which reflected data from February, did not largely include gas price jumps prompted by the Russian assault, which began on Feb. 24 and sent gas prices to record highs across the US.

"We expect a large difference between core and headline inflation reflecting the global disruptions in energy and food markets," spokeswoman Jen Psaki said. Core inflation does not include food and energy prices whereas headline inflation does.

"At times, gas prices were more than one dollar above pre-invasion levels, so that roughly 25% increase in gas prices will drive tomorrow’s inflation reading," added Psaki.

The Bureau of Labor Statistics is expected to announce its March figures on Tuesday.