Americans are already bracing for higher prices at the pump, grocery stores, housing and more. Inflation jumped an unprecedented 7.9 percent over the past year, the largest spike since 1982. Those surging prices are expected to only go up amid the uncertainty in Ukraine, says the Labor Department. Between January and February of this year, inflation rose by an additional 0.8 percent, up from an increase of 0.6 percent from December to January.
Gas prices have spiked on a national average of 62 cents since Russia invaded Ukraine on February 24. Prices skyrocketed elsewhere before the war, with housing costs — which make up a third of the government’s consumer price index — rising sharply over the past year. Experts say that housing trend is unlikely to reverse course anytime soon.
Inflation rates in coming months will be higher than they would have been had Russia not invaded Ukraine, White House Press Secretary Jen Psaki warned Thursday. When asked how high the Biden Administration expects inflation rates to climb, Psaki said the energy and fuel prices will go up, but the increase will be “temporary.”
While inflation rates are expected to decrease by the end of the year, “There is also no question that inflation may be higher for the next few months than it would have been without the Russia,” Psaki said.
Source-ABC
