The White House is bracing for another hot inflation report on Wednesday as it already looks ahead to the July consumer price index (CPI).
Markets are expecting that the U.S. annual inflation report for June will come in at 8.8 percent, up from 8.6 percent in May. On a monthly basis, the CPI is poised to edge up by 1.1 percent. The core inflation rate, which removes the volatile food and energy sectors, is anticipated to ease to 5.7 percent.
According to an administration memo, authored by National Economic Council (NEC) director Brian Deese and Council of Economic Advisors (CEA) chair Cecilia Rouse, the effects of soaring energy and food costs on the headline CPI figure in June will reach 40 percent. This, the memo states, has been largely driven by Russia’s war in Ukraine….