The White House said it expects June inflation data due out on Wednesday to be “highly elevated,” hours before the release of consumer price index data.
“We expect the backward-looking inflation data to be highly elevated, mainly because gas prices were so high in June,” press secretary Karine Jean-Pierre said aboard Air Force One as she traveled with US President Joe Biden to the Middle East.
With inflation running at a 40-year high in the US and gasoline prices near $5 a gallon, the Bureau of Labor Statistics was due to report the Consumer Price Index for June later on Wednesday morning.
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