The Bureau of Labor Statistics published their monthly inflation report on Thursday which showed the United States experienced a 7.9 percent increase in February 2022.
Ryan Sweet of Moody’s Analytics told the New York Post that higher energy prices play a dominating factor in the Consumer Price Index.
The outlet crunched the numbers and calculated that American households will now be spending an extra $296.45 in costs because of inflation.
President Biden called it ‘Putin’s price hike’ in a statement responding to the newest numbers.
Biden had previously vowed to lower costs for families when inflation’s 7.5 percent statistic came out last month with regards to the jump that happened in January 2022. In response to inflation at that time, Biden told the general public that passing his “Build Back Better” plan was the solution to inflation.
At least one reporter yesterday asked the Biden administration if their strategy for 2022 is “…blaming Putin for everything until the midterms?”
When pressed about it by Peter Doocy of Fox News, White House Press Secretary Jen Psaki said they rely on the Federal Reserve and “outside analysts” to make assessments on things like how long will inflation last.
“Their assessment at this point continues to be that it will moderate by the end of the year,” Psaki’s responded.
However, as Fox News later pointed out, Treasury Secretary Janet Yellen said in an interview that Americans can expect a likely full 12-month period of “uncomfortably high” inflation going forward.
Inflation in the United States hit the highest point in four decades back in December 2021. Now America’s inflation outpaces countries such as Mexico.
Thursday’s news came amid calls from state officials like Florida Governor Ron DeSantis, who on Tuesday urged the Biden administration to channel their attention and focus on increasing domestic energy production. As for that issue, the White House’s current strategy this week amounted to pinning the blame on Putin and oil industry leaders, instead.
This is despite the messaging of the Biden administration in 2021 against the use of fossil fuels and encouraging renewable energy infrastructure. Biden’s Energy Secretary Jennifer Granholm had to deflect more Biden blame when speaking at the 40th annual CERAWeek conference on Wednesday.
Written By: Nick Monroe for PM