White House Predicts March Inflation Report Will Be ‘Extraordinarily Elevated’

The White House is bracing for an “extraordinarily” high inflation report in the wake of Russia’s invasion of Ukraine. White House Press Secretary Jen Psaki told reporters on Monday, one day before the March inflation…

Bradley CortrightApr 11, 20222 min read

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Biden administration officials have blamed Russian President Vladimir Putin for Inflation.

In February, Inflationhit a 7.9% annual rate, a four-decade high. The Wall Street Journal noted that higher energy and food prices fueled Inflation.

In a statement, President Joe Bidensaid February’s “Inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike.”

“A large contributor to Inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” he continued. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”

However, Steven Rattner, an economic adviser for former President Barack Obama, pointed out in a tweet that Inflation was already high before Russia launched its invasion.

He tweeted at the time, “Well, no. These are and only include small Russia effect.”

“This is Biden’s Inflation and he needs to own it,” he added.