Accompanied by a stock market collapse later today

The Washington Times:

The White House is preparing for “extraordinarily elevated” inflation numbers in Tuesday’s Labor Department report on consumer prices, a critical measure of rising costs.

Already on Monday, White House press secretary Jen Psaki was blaming the increase on Russian President Vladimir Putin’s war against Ukraine, which raised the price of gas and energy.

“Because of the actions we’ve taken to address the Putin price hike, we are in a better place than we were last month. But we expect March CPI headline inflation to be extraordinarily elevated, due to Putin’s price hike,” Ms. Psaki said.

The average price of a gallon of gas on Monday is $4.11, according to data from the automobile group AAA. That represents a decrease from last month when gas averaged $4.33 per gallon. However, it is still 50 cents per gallon higher than in late February.

And if you think gas prices are high now, wait until Memorial Day weekend.

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