White House Releases Statement ahead of Release of June Inflation Report

Washington D.C. – The White House issued a statement on Wednesday ahead of the release of the June inflation report, which is expected to show continued upward pressure on prices.

“We are monitoring the situation closely,” said White House Press Secretary Jen Psaki in a statement. “The President and his economic team are committed to using every tool available to keep prices in check and support American families.”

The statement comes amid concerns that rising inflation could undermine the economic recovery from the pandemic, with some critics accusing the Biden administration’s policies of contributing to the problem.

Inflation surged in May, with prices rising by the fastest pace since 2008, driven by a combination of supply chain disruptions, pent-up demand, and a surge in commodity prices. Economists are expecting the June report to show a further increase in inflation, albeit at a slightly slower pace.

The statement emphasizes the administration’s commitment to addressing the root causes of inflation, including supply chain disruptions and labor shortages, while also highlighting the steps it has already taken to support families.

  • This includes measures such as stimulus checks, child tax credits, and expanded unemployment benefits, which have helped families struggling to make ends meet during the pandemic.
  • Psaki also pointed to efforts to support small businesses and to invest in infrastructure and clean energy, which she said would create jobs and strengthen the economy in the long term.

“We know that many families are feeling the pinch of higher prices, and we take this issue very seriously,” Psaki said. “We are working hard to address the underlying causes of inflation while also supporting American families and businesses.”

  1. The administration’s response to rising inflation has been closely watched by investors and economists, with some warning that further price spikes could prompt the Federal Reserve to raise interest rates sooner than expected.
  2. The Fed has so far maintained its stance that the current inflationary pressures are transitory and that it will maintain its accommodative monetary policy until the economy makes a full recovery.

The June inflation report is due to be released on Thursday morning.

By A Akshita 6 Min Read
Last updated: July 13, 2022

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