White House Shares Inflation Forecast

WHAT THE HEADLINES SAY NOW:

April 12, 2022

Inflation Rate Surges To 8.5 Percent! 

WHAT THEY WERE SAYING THEN:

WHITE HOUSE BRIEFING, Press Secretary Jen Psaki, July 19, 2021

MS. PSAKI: We take inflation very seriously. It is under the purview of the Federal Reserve. As you know, they have regular quarterly meetings where they put out that information and any considerations publicly.

Their projection continues to be that, while there’s an — a projected increase in inflation this year, it’s expected to come back down to about 2.2 next year. They have not changed that, and that is aligned with a number of outside economists as well.

You’re also correct that when the economy is turning back on from a global pandemic, there isn’t a lot of historic precedent for that.

And certainly, we’re seeing prices go back to pre-pandemic levels in some cases. We’re also seeing a range of factors, including shortages in the supply chain — from chips shortages that are impacting the auto industry to lumber shortages that are impacting the housing industry — that are also factors here as we’re seeing price increases.

But we do look at all of that. We take it incredibly seriously. And we respect the role of the Federal Reserve as well.