Inflation will be higher in coming months because of Russian invasion, Psaki says
Inflation rates in coming months will be higher than they would have been had Russia not invaded Ukraine, White House press secretary Jen Psaki said Thursday.
When asked by ABC News White House correspondent Mary Bruce 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 and long-lasting."
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.
"What our focus is on now is doing everything we can to mitigate and reduce those prices and ensure there isn't a longer-term impact," Psaki said. "So I can't make new projections for you from here other than to convey that, yes, it is accurate that the invasion by President Putin into Ukraine has impacted global inflation, inflation in the United States, because of the impact it's had on energy prices -- and that is a significant contributor to inflation."
-ABC News' Molly Nagle