The White House is preparing the public for a less than rosy June consumer price index report.
Press secretary Karine Jean-Pierre said she and her colleagues predict the headline number, which includes gas and food, will “be highly elevated” based on cost increases caused “by the war in Ukraine.” But she added the figures were already old because the national gas average has decreased this month to $4.68 per gallon.
“June CPI data is already out of date because energy prices have come down substantially this month, and are expected to fall further,” she told reporters.
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Jean-Pierre additionally amplified White House complaints regarding retailers not passing on crude oil savings to consumers.
“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 7% from the June peak,” she said. “I would also note that even though gas prices shot up quickly when oil prices rose, they have not come down as quickly as oil has.”
“American families should not be the first to pay and the last to benefit,” she went on.
Although last week’s June jobs report of 372,000 new positions was positive for President Joe Biden, good economic news is being overshadowed by inflation amid recession concerns.
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Only an average of 33% of the public approves of Biden’s economic management before November’s midterm elections after May’s 41-year-high inflation rate of 8.6%.
Read More: White House pre-spins ‘highly elevated’ June inflation report