The Biden administration will brace a vital labor department’s consumer price inflation report on Tuesday showing higher prices Americans experienced in March.
On Monday, White House Press Secretary Jen Psaki said, “We expect March CPI headline inflation to be extraordinarily elevated. We expect a large difference between core and headline inflation reflecting the global disruptions in energy and food markets.”
On Tuesday, the Bureau of Labor Statistics will reveal its March update to CPI (Consumer Price Index). CPI is a key measure of inflation. The February CPI reading showed the benchmark index increased 7.9% over the last year, marking the highest level since 1982.
Psaki said, “At times, gas prices were more than one dollar above pre-invasion levels, so that roughly 25% increase in gas prices will drive tomorrow’s inflation reading.”
