The CPI, a key report showing US inflation, will be released by the Bureau of Labor Statistics at 8:30 am ET Thursday. Last month’s report showed inflation rose to 7.5% in the 12 months ending January, nearly a 40-year high.
“As we look forward, we certainly believe we expect to see high headline and headline inflation in tomorrow’s February inflation data,” White House Press Secretary Jen Psaki said Wednesday.
Headline inflation is a term that refers to general inflation. Another measure of inflation favored by economists is core inflation, which excludes food and energy as they tend to be more volatile.
A key reason for this, she said, is energy prices, which have risen 75 cents since the start of 2022. Psaki laid the blame on Russian President Vladimir Putin’s military build-up and subsequent invasion of Ukraine, which she said was “felt in the markets.” ”
Psaki added: “We also expect some growth in pandemic-hit sectors given our strong recovery from Omicron in February. This is a positive sign for our economy and for Americans getting out again, traveling, dining out and getting back to normal. . We also expect a further decline in prices for used cars. That’s our forecast for now.”
She pointed to steps the administration is taking to ease inflationary pressures, including efforts to advance legislation to improve U.S. competitiveness, efforts to address supply chain bottlenecks at ports and elsewhere, and measures to address semiconductor shortages.
President Joe Biden announced on Tuesday that his administration is banning U.S. imports of Russian oil, natural gas and coal in response to the Russian invasion of Ukraine, which he warned could send domestic gas prices skyrocketing.
Later that day, Biden said on a trip to Texas that the price of gas “is going to go up” and acknowledged that “there’s not much he can do right now.”
Asked by reporters after disembarking from Air Force One if he had a message for the American people about gas prices, Biden said: “They will go up.”
“Right now there is not much I can do. Russia is responsible for this,” Biden shouted over the loud sound of the engines.
A senior administration official blamed “Putin’s choice” on US gas prices, which are expected to continue to rise.
“What we are seeing now is the result of fears about the escalation of Putin’s ongoing aggression and the consequences of his actions. But we think it’s time for American resolve,” the official said.
The official declined to predict when gas prices would eventually decline.
“I cannot give you a forecast because much of what we are seeing in the energy markets is the result of Putin, his aggression and his brutal war. And I can’t get into his thoughts and give you a forecast of what he will do next, but we are ready for anything, ”the official said.
This story and its title have been given additional context.
Kate Sullivan of CNN contributed to this report.