At the same time White House press secretary Karine Jean-Pierre told reporters that the U.S. economy is “strong,” she admitted during the same press briefing that the upcoming inflation report will likely be quite bad.
According to Fox News, Jean-Pierre did her best to downplay the situation, shifting most of the blame for the upcoming numbers back to Vladimir Putin and high energy prices.
“On Wednesday, we have new CPI and inflation data, and we expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” the press secretary said. “Gas and food prices continue to be heavily impacted by the war in Ukraine.
Jean-Pierre also seemed to criticize the upcoming data, calling it “backwards-looking,” and adding that it’s “out of date,” even though it’s the same type of data released every month.
She argued: “The average retail price of gas was 11% higher in June than it was in May, and the cost of gas in July is already down seven percent from the June peak.”
CPI comes out Wednesday.
Here’s how consumer sentiment has reacted with rising CPI.
Note, consumer sentiment has never been lower. pic.twitter.com/nBuXcUDmRo
— unusual_whales (@unusual_whales) July 12, 2022
Regardless of who or what the White House blames this time, it appears as if inflation could set a new record high, spelling even more trouble for Democrats on the ticket in the November midterms.
Last month, in the Consumer Price Index (CPI) report, the Bureau of Labor and Statistics (BLS) wrote: “The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.”
The latest report is expected to come out on Wednesday morning.
President Joe Biden, through his Twitter account, blamed Republicans recently for high prices on gas, food, and other necessities.
“Republicans are doing nothing but obstructing our efforts to crack down on gas-price gouging, lower food prices, lower healthcare costs, and hopefully, soon, lower your prescription drug costs. This is not right. And that’s why this election is going to be so darn important,” Biden wrote.
Markets are expected to react negatively to the upcoming CPI report.