The Biden administration is bracing for the Labor Department’s consumer price index report to show that inflation is "extraordinarily elevated."
Highlights
- The Biden administration is bracing for Tuesday’s key consumer inflation report to show that the prices Americans pay soared in March.
- The Labor Department’s previous report failed to include the majority of the jump in oil and gas costs caused by the Kremlin’s unprovoked invasion of Ukraine.
- The Bureau of Labor Statistics on Tuesday will issue its March update to the consumer price index, or CPI.
- The price for a gallon of regular unleaded gasoline hit a record high of $4.33 on March 11, according to the American Automobile Association.
- The February reading showed benchmark consumer inflation index rose 7.9% over the last 12 months, the highest level since January 1982.