The U.S. inflation rate has risen to a 40 -year high to hit 7.9% in February, prompting the Biden administration to warn that the figures to be recorded in March could be even worse.
White House press secretary Jen Psaki said on Monday that key inflation rates would rise unusually in March due to price increases from sanctions on Russia.
At the same time, the White House also expects there to be large disparities between core and primary inflation that reflect global disruptions in energy and food markets.
According to Psaki, an increase in gas prices of up to around 25% will drive a higher spike in inflation readings today.
The press secretary said that President Joe Biden has taken several steps to help reduce energy costs, including divesting its oil supplies from the country’s Strategic Petroleum Reserve.
In late March, Biden had blamed Russian President Vladimir Putin for the latest spike in energy costs despite his own decision to restrict oil imports from Moscow.
