Fox News White House correspondent Peter Doocy pressed White House press secretary Jen Psaki on Thursday regarding the administration’s reasoning for rising inflation and gas prices.
Doocy asked the press secretary how long the administration believed “temporary” inflation would last.
“I think what we do, is we rely on the assessments of the Federal Reserve and of outside economic analysts who give an assessment of how long it will last,” Psaki said. “The expectations and their assessment at this point continues to be that it will moderate by the end of the year. There’s also no question that when a foreign dictator invades a foreign country, and when that foreign dictator is the head of a country that is the third largest supplier of oil in the world, that that is going to have an impact, and it is.”
“So, to that point,” Doocy continued, “inflation goes up today. The president’s statement blames the ‘Putin price hike,’ are you guys just going to start blaming [Russian President Vladimir] Putin for everything until the midterms?”
Psaki said gas prices have increased by $0.75 since Putin deployed troops to Ukraine’s border and waged a full-scale war.
Doocy then asked why the administration did not pin inflation on Putin before the invasion, but instead cited the pandemic. (RELATED: ‘Putin’s Gas Price Hike’: Psaki Pins Russia And U.S. Oil Companies For Rising Gas Prices)
“The last two years there was a global pandemic,” Psaki answered. “Everyone who is a global economist have all agreed that has been the biggest contributor, to date, of inflation, because of the impact on the supply chain. Obviously global events impact the economy — the global economy — as well as global inflation. And the price hikes, as a result, that have escalated over the course of time of President Putin’s further invasion … are of course having an impact.”
President Joe Biden pinned “Putin’s price hike” for the continued inflation surge and as the price of gas rose above $4 per gallon. The president first rebranded the crisis at his Tuesday address to the nation when announcing a ban on all imports of Russian oil and gas.
The Consumer Price Index (CPI) rose 0.8% in February, leading the key inflation indicator’s year-over-year increase to 7.9%. The new measures hit another four-decade record after previously reaching its highest levels since 1982 in January.
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