Percent changes by category:
- Used cars and trucks +41.2%
- Gasoline +38%
- Energy +25.6%
- Electricity +9%
- Food +7.9%
Ties to the war: The consensus is that the conflict in Ukraine will worsen our current inflation crisis. Russia plays a significant role in global energy and other commodity markets. With its recent retaliatory export bans, supply will decrease, demand will remain high, and prices will soar.
- Russia is a major exporter of oil, metals, coal, wheat, fertilizer, and more.
Biden administration blames Putin: Inflation has been steadily rising under President Joe Biden. Despite the recent February numbers depicting America’s rates before the Russia-Ukraine conflict, the White House is calling it Vladimir Putin’s “price hike:”
“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike.”
Big picture: As it moves to approve a $1.5 trillion spending package, the Biden administration blames Putin for record-high inflation rates.