The White House predicts that inflation will be significantly higher in a new report.

• The Labor Department's consumer price index report is expected to reveal that inflation is significantly higher than anticipated.
• Wall Street frequently uses the consumer price index (CPI) to gauge inflation. The CPI for March 2022 will be released Tuesday morning.
• Jen Psaki, the White House press secretary, stated that March CPI headline inflation is expected to be significantly higher due to Putin's price increase.
• Since 1982, the benchmark index has risen 7.9% in the past 12 months, as shown in the February reading.

The Biden administration is preparing for Tuesday's crucial consumer inflation report to reveal that American prices increased significantly in March due to Russia's invasion of Ukraine and the resulting rise in energy costs.

Jen Psaki, the White House press secretary, stated on Monday that the Labor Department's report on price increases in February did not account for the majority of the rise in oil and gas costs resulting from Russia's unjustified invasion.

Psaki stated that March CPI headline inflation is expected to be significantly increased due to Putin's price hike, according to reports.

She stated that we anticipate a significant disparity between core and headline inflation due to the worldwide upheavals in the energy and food sectors.

On Tuesday, the Bureau of Labor Statistics will release its March update on the consumer price index (CPI), which measures inflation in a basket of goods and services commonly purchased by the average American, including items such as eggs, milk, cellphones, and unleaded gasoline.

Two versions of the CPI data are considered by economists: the headline number, which encompasses all consumer prices, and the core CPI, which excludes food and energy price fluctuations.

The White House expects a larger gap between the headline and core readings due to a sudden increase in gas prices last month, which caused the price of a gallon of regular unleaded gasoline to reach a record high of $4.33 on March 11, according to the American Automobile Association.

According to AAA, the price of a gallon of gas has decreased to $4.11.

Psaki stated that gas prices were more than one dollar above pre-invasion levels, resulting in a 25% increase that will influence tomorrow's inflation reading.

Since Ronald Reagan was in the Oval Office, year-over-year price jumps have been hitting levels not seen. The February reading showed the benchmark consumer inflation index rose 7.9% over the last 12 months, the highest level since January 1982.

The March report is due out on Tuesday at 8:30 a.m. ET.

President Joe Biden has taken steps to lower energy costs, such as releasing about 1 million barrels of oil a day from the Strategic Petroleum Reserve, as noted by the press secretary.

On the last day of March, Biden accused Putin of causing the recent increase in energy prices.

Biden stated on March 31 that many individuals globally are ceasing to purchase Russian oil, and both Republicans and Democrats in Congress have endorsed and backed the ban on Russian-imported oil in America. He added that this action was the appropriate course of action.

As I mentioned earlier, there will be a cost to this action," the president stated. "With the removal of Russian oil from the global market, oil supply decreases and prices increase. Now, Putin's price increase is affecting American consumers at the gas pump.

The president's Build Back Better agenda, backed by the White House and congressional Democrats, could help reduce child-care and health-care expenses through stalled legislation.