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Inflation data 'already out of date:' White House downplays CPI expectations
The CPI report is tomorrow, Wednesday, and the PPI (wholesale prices) report is on Thursday. The report is expected to show the June CPI to be 8.8% higher than last June -- the largest yoy number in many decades. (In the last report, for May, the yoy number was 8.6%)
Inflation data 'already out of date:' White House downplays CPI expectations Yahoo Finance, 7/12/22
. . . June CPI data is already out of date,” White House Press Secretary Karine Jean-Pierre declared during Monday’s press briefing.
. . . And in a memo, Biden's two top economic advisers — National Economic Council Director Brian Deese and Council of Economic Advisers Chair Cecilia Rouse — further fleshed out the White House’s argument.
They note the coming numbers reflect the average price for a good over the course of the entire month — and therefore will not fully reflect the downward trend in gas prices that began on June 13.
“Moreover, if wholesale gasoline prices remain at current levels, gas prices can be expected to [further] decline in the weeks ahead,” the pair wrote.
Senior administration officials further argue that it’s not just gas but other indicators whose prices have declined since peaking in June. Examples of items that won't be "fully reflected in the June data" include global shipping costs, wheat prices, and wholesale used vehicles, they say.
https://finance.yahoo.com/news/inflation-data-already-out-of-date-white-house-downplays-cpi-expectations-173945635.html
. . . June CPI data is already out of date,” White House Press Secretary Karine Jean-Pierre declared during Monday’s press briefing.
. . . And in a memo, Biden's two top economic advisers — National Economic Council Director Brian Deese and Council of Economic Advisers Chair Cecilia Rouse — further fleshed out the White House’s argument.
They note the coming numbers reflect the average price for a good over the course of the entire month — and therefore will not fully reflect the downward trend in gas prices that began on June 13.
“Moreover, if wholesale gasoline prices remain at current levels, gas prices can be expected to [further] decline in the weeks ahead,” the pair wrote.
Senior administration officials further argue that it’s not just gas but other indicators whose prices have declined since peaking in June. Examples of items that won't be "fully reflected in the June data" include global shipping costs, wheat prices, and wholesale used vehicles, they say.
https://finance.yahoo.com/news/inflation-data-already-out-of-date-white-house-downplays-cpi-expectations-173945635.html
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