Economy

White House expects big price hikes in March CPI

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White House press secretary Jen Psaki answers questions during the daily briefing on March 09, 2022 in Washington, DC. Psaki answered a range of questions related primarily to Russia’s invasion of Ukraine.

Win Mcnamee | Getty Images

WASHINGTON — The Biden administration is bracing for Tuesday’s key consumer inflation report to show that the prices Americans pay soared in March, as Russia’s assault on Ukraine caused energy prices to jump.

White House press secretary Jen Psaki said Monday that the Labor Department’s previous report — which showed prices rising at a dramatic rate in February — failed to include the majority of the jump in oil and gas costs caused by the Kremlin’s…



Source cnbc.com

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