WASHINGTON — White House officials launched a defensive strike Tuesday against what they expect will be a dour report marking another month of soaring inflation.
One day before the release of the consumer price index for June, President Joe Biden’s top economic advisers issued a memo designed to temper the likely public reaction to a new round of recorded price spikes.
The CPI data coming Wednesday “will largely not reflect the substantial declines in gas prices we’ve seen since the middle of June,” wrote National Economic Council Director Brian Deese and Cecilia Rouse, chair of Biden’s Council of Economic Advisers, in a five-page memo designed to provide “context” for the upcoming report.
