The White House is bracing for “highly elevated” inflation numbers when the Labor Department on Wednesday releases its consumer price index, a key gauge of inflation for the month of June. But the administration argued the data will not reflect recent progress that has brought down down gas prices.
“We expect the headline number, which includes gas and food, to be highly elevated mainly because gas prices were so elevated in June,” White House press secretary Karine Jean-Pierre told reporters. “Gas and food prices continue to be heavily impacted by the war in Ukraine, and there are a few important points to keep in mind when we get this backwards-looking data.”
Jean-Pierre argued the numbers will already be “out of date” because gas prices have already come down and are expected to fall more in the coming days. Gas prices have fallen for 27 consecutive days, according to data from GasBuddy, which tracks fuel prices.
Jean-Pierre reiterated that fighting inflation is President Biden’s top economic priority.
The costs of food and energy in particular have been an issue for the American public, with record high prices over the last several months causing headaches among the general public. The price of gas topped $5 per gallon last month.
The White House has attributed rising costs to the Russian invasion of Ukraine and a resulting blockade of grain exports that have rattled food supply chains. Russia is also a major exporter of oil, increasing the global price of fuel.
Biden is slated to visit Saudi Arabia this week, and while officials have downplayed the significance of oil prices in that visit, the president may argue that nations in the Middle East should pump more oil to meet global demand.