Psaki pressed on how long 'temporary' inflation actually will be
Stuart Varney: Democrats have ‘no answer’ to inflation, record gas prices
FOX Business’ Stuart Varney argues the Biden administration have ‘no answer’ to the inflation problem which they ‘largely created.’
White House press secretary Jen Psaki was pressed Friday about just how long Americans can expect high inflation to continue.
Psaki told reporters that gas prices are expected to continue surging in the coming months due in large part to the ongoing Russian invasion of Ukraine. Psaki communicated that White House experts expect the markets to eventually stabilize and inflation to slow, saying the energy crisis is only "temporary."
However, when Fox News' Peter Doocy pressed Psaki on how long "temporary" actually means, she demurred.
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"We rely on the assessment of the Federal Reserve and outside economic analysts who give an assessment of how long it will last. The expectations and their assessment at this point is that it will moderate at the end of the year," Psaki said.
"There is also no question that when a foreign dictator invades a foreign country, and when that foreign dictator is the head of a country that is the third-largest supplier of oil in the world, that is going to have an impact. And it is."
White House press secretary Jen Psaki said Friday that inflation should "moderate" by the end of the year. (Drew Angerer/Getty Images)
Psaki was further pressed on blaming Russia for the inflation crisis and Democrats' insistence that the U.S. economic downturn is a direct result of Russia ahead of the midterms, Psaki pushed back, saying, "Well we've seen the price of gas go up at least 75 cents since President Putin lined up troops on the border of Ukraine."
Inflation hit a 40-year high in February, and the worst is yet to come as the U.S. economy barrels toward a recession, experts say.
The consumer price index (CPI) climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.
Gas jumped 6.6% in February and accounted for almost a third of price hikes. Food rose by 1%.
The February data does not include Russia’s war on Ukraine, which has accelerated the rise in gas prices. As of Thursday, the U.S. national average hit a record high of $4.35 per gallon.
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Geltrude & Co. founder Dan Geltrude told FOX Business he thinks gas prices will hit $5 this month and that it could even go as high as $10 unless the Biden administration expands domestic oil production.
White House press secretary Jennifer Psaki faced questions about how long high inflation will continue. (Saul Loeb/AFP via Getty Images / Getty Images)
"It would not surprise me," he said. "So until the United States decides, or this administration decides, that we are going to pump more oil, it is not going to change. It's not. Fuel costs are just going to continue to rise."
Geltrude said the U.S. is on track to enter a full-blown recession within the year.
FOX Business' Jessica Chasmar contributed to this report.