The White House is already downplaying the June inflation report ahead of its release on Wednesday morning as economists brace for another record-breaking increase.
Biden admin and Fed policies are 'primary drivers' of inflation crisis: Former Philadelphia Fed president
The Biden administration is already in damage control mode ahead of the newest inflation data out this week, which is expected to show another jaw-dropping figure as the price of everyday goods soared higher. "Energy prices have fallen significantly from the prices included in the June CPI report," Brian Deese, the director of the National Economic Council, and Cecilia Rouse, the chair of the Council of Economic Advisers, wrote in a White House memo released on Tuesday. "The June CPI data will largely not reflect the substantial declines in gas prices we’ve seen since the middle of June."Gas prices peaked at $5.01 per gallon in mid-June and are now hovering around $4.
Inflation is rapidly diminishing the buying power of Americans, eroding strong wage gains that workers have seen in recent months. , who has seen his approval rating slump in conjunction with rising costs. Administration officials are increasingly trying to contain voter outrage over runaway consumer prices by stressing that Biden is maximizing efforts to bring down inflation ahead of the November midterms, which could be a bloodbath for Democrats.
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