White House tries to get ahead of June inflation report that it expects to be elevated but 'out of date'
CNN
White House officials on Tuesday acknowledged June's Consumer Price Index report is expected to show elevated inflation but argue the figures included in the report don't reflect a recent drop in energy prices and are therefore "out of date."
National Economic Council director Brian Deese and Council of Economic Advisers chair Cecilia Rouse on Tuesday said in a memo shared with CNN that "market expectations are that headline CPI will be elevated in June" as Americans continue to grapple with high energy and food prices. But they argued the June CPI data would "largely not reflect the substantial declines in gas prices we've seen since the middle of June."
The officials echoed White House press secretary Karine Jean-Pierre, who said on Monday the June report would be "backwards-looking" and "out of date."
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