White House bracing for 'elevated' inflation

White House bracing for 'elevated' inflation


The White House said it expects inflation to rise in new data but said measures will likely normalize later this year.

“We certainly anticipate … elevated inflation tomorrow, especially for the year-over-year measure which includes high inflation from nearly a year ago when the economy was reopening,” press secretary Jen Psaki told reporters Wednesday, but predicted that inflation would normalize by the end of the year.

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“We expect month-over-month inflation to moderate in the months ahead and forecasters generally expect the year-over-year measures to come down to more historically typical levels by the end of the year,” Psaki added.

New inflation numbers will be released on Wednesday, with forecasters predicting a 7%

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