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Economics

White House Foresees June Inflation Reading as ‘Highly Elevated’

  • Biden press secretary says CPI figures ‘already out of date’
  • Gasoline, food prices continue to heighten inflation in the US
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Biden Is Using All Tools to Lower Oil Prices: Boushey

The White House expects June’s consumer price index figures to be “highly elevated” as Americans grappled with substantial increases in the cost of gasoline and food, but said the reading was “already out of date” because of falling energy prices.

“Gas and food prices continued to be heavily impacted by the war in Ukraine,” press secretary Karine Jean-Pierre said Monday, adding that the report -- to be released Wednesday -- was “backwards-looking.”