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Inflation: White House expects June CPI to be ‘highly elevated’

Yahoo Finance anchors break down Inflation: White House expects June CPI to be ‘highly elevated.'

Video Transcript

- Brian, as always, we're starting with what we're watching today and all eyes on tomorrow with that inflation print coming out.

- Yeah, a lot of anticipation ahead of that CPI print we're going to get tomorrow morning. Again, as a reminder, we got 8.6% on a year-over-year basis in the month of May. The Street's expectations on a Bloomberg consensus, 8.8% on a year-over-year basis, which means the Street expecting that number to continue to go up.

And that falls in line with what we heard from the White House where we got a commentary from press Secretary Karine Jean-Pierre yesterday saying that they expect the headline number to "remain elevated," was the language that they used. So this is quickly becoming a political issue. And even though we're a day away from the inflation report, we don't usually tease it this much, it just feels like there's so much anticipation around that print tomorrow morning.

- Well, it's never a good sign, right, when the White House feels the need to come out ahead of the data to say, look, this isn't going to look good. But I guess the argument is also that this is from June. Where are things today? And are we starting to see some moderation? We were talking about this yesterday with gas prices coming down, oil coming down slightly. Is that kind of the peak that we're seeing?

- Yeah, certainly, well, and that's kind of the crux of what the White House was trying to message yesterday. They're not trying to fan the flames here. But what they're saying is that, look, we didn't start to see a lot of the price declines until the beginning of this month, kind of the end of June. And because of that reason, the number that we're going to get from that CPI print tomorrow is likely going to reflect the fact that gas prices did continue to go up.

But it's not necessarily reflective of what we're experiencing on Tuesday, July 12 as consumers around the country might have noticed some of the gas prices going down. Now, of course, that still raises the overall issue of people aren't trying to draw-- average Americans are not drawing the distinction between CPI, core CPI, PCE. They just know things across the board remain expensive even if the price of the pump is going down $0.05 or $0.10 or $0.15, that's going to remain a political issue through November.