The White House Warned of Chronic Inflation

White House press secretary Jen Psaki warned Americans about “extraordinarily elevated” inflation in the upcoming report of the Labor Department.

Just after her comments, the Labor Department issued the report, which actualized Psaki’s worst fears.

Psaki Warns of Chronic Inflation in the Country

In her bid to defend her boss, Joe Biden, Psaki touted that the country is currently in a better position, due to the policies of the Biden administration; however, “Putin’s price hike” is likely to impact inflation numbers.

The March consumer price index report of the Labor Department is the first official measure of inflation since the start of the Russian invasion of Ukraine.

So, the report has listed down the consequences of the war, coupled with the inefficiency of the Biden administration in detail.

According to the automobile group AAA, the average gas price was $4.11 on Monday, which shows a bit of a decrease from the $4.33 per gallon last month. However, it is still 50 cents more than the price of the same time last year.

As per the Wall Street analysts, the report is expected to put inflation at 8.4 percent, which is the highest since 1982. The report exactly put the inflation rate at 8.5 percent as predicted by the Wall Street analysts.

This marks a 0.5 percent increase, compared to the report of February this year when the inflation rate was 7.9 percent.

Psaki thus emphasized that congressional lawmakers should pass legislation proposed by Biden to curb the rising tide of inflation in the country. These proposals aim to reduce the rising costs of college, childcare, and prescription drugs.

She noted whenever the data shows rising inflation numbers, it is time for the executive, as well as the legislative branch of the government, to plan together to bring relief to the masses.

Biden Finding It Hard to Curb Oil Inflation

Meanwhile, President Biden is finding ways to avert the rising oil and gas inflation to get his lost popularity back before the midterm elections.

Reportedly, the president has lifted the ban on summer ethanol sales, which is likely to push more oil into the system, resulting in a decrease in price.

Now, the sale of E15 gasoline will be permitted throughout the year. This gasoline contains a 15 percent ethanol blend and is 10 percent cheaper, compared to E10 fuel. 

During his trip to Iowa, where he lifted the ban, Biden said during the summers, pumps are not allowed to sell E15 gasoline.

Though with this waiver, they are required to do it. According to Biden, it will solve the “whole problem.”

This is a significant setback for progressive Democrats and climate change activists, as this fuel reportedly deteriorates the air quality in summer.

Though, its continuous availability is an important element in keeping oil supplies intact all around the year. During his tenure, former President Trump made the sale of ethanol open for the whole year.