fbpx
Eco Atlantic Acquires Additional Participating Interest in Block 3B/4B Offshore South AfricaRead more Cellulant Recognised as a Leading Payment Platform Solutions Provider in Nigeria for its Tingg PlatformRead more Binance Signs Cristiano Ronaldo for Exclusive PartnershipRead more Human Rights Volunteer Roles to Return for FIFA World Cup QatarRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No Transparency CopyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more

W.House expects May inflation to be ‘elevated’

show caption
US President Joe Biden departs the White House in Washington on June 8, 2022./AFP
Print Friendly and PDF

Jun 09, 2022 - 08:50 AM

Aboard Air Force One, Undefined — The White House said Wednesday it expects US inflation was still “elevated” in May despite guarded hopes a key data report due for release later this week will show price increases had cooled.

Consumer prices in the world’s largest economy have soared by the fastest pace in more than four decades, with gas prices at the pump hitting new records daily amid the fallout from Russia’s invasion of Ukraine as well as ongoing supply chain challenges due to the Covid-19 pandemic.

The Labor Department is due to release consumer price data for May on Friday, and economists expect the monthly increase to accelerate after slowing in April, when CPI posted an 8.3 percent increase over last year.

“We expect the headline inflation number to be elevated,” Press Secretary Karine Jean-Pierre told reporters traveling with President Joe Biden on Air Force One.

Biden has made fighting inflation his top domestic priority, but is finding he has few tools to directly impact prices.

The Federal Reserve has begun raising interest rates aggressively to combat inflationary pressures, saying the goal is to sustain economic expansion while avoiding a recession.

Biden has stuck to an upbeat message about the overall outlook.

“We continue to believe that the economy can transition from what has been a historic recovery … to stable steady growth,” Jean-Pierre said.

But she acknowledged that the impact of the war in Ukraine has continued to push some prices higher, including airfares.

LMBCNEWS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.