CNBC anchor Rick Santelli slammed the Biden administration Thursday morning for creating a list of excuses about record-high inflation.
The consumer price index (CPI) increased 0.8% in February, bringing the key inflation indicator’s year-over-year increase to 7.9%, according to data provided by the U.S. Bureau of Labor Statistics. The core price index, which measures inflation of goods minus food and energy, increased 0.5% in February, according to data. Meanwhile food prices jumped 7.9% on a year-over-year basis in February, according to data.
Santelli said inflation would be “tough” for the Biden administration to explain.
“And of course this inflation news is going to be tough for the administration. Nothing, Joe, nothing has been more politicized than inflation! Just let’s harken back to all the things we’ve been through. First it was transitory, then ‘inflation is good.’ Then we went to ‘corporate greed.’ Now we’re at Putin.”
“It’s probably all of the above, but no matter how you slice it it’s all about commodities for the most part. And king commodity is energy, and most people in the United States are reminded about that every three to four days when they go fill up their tanks.”
The White House claimed in July that the spike in inflation would be “temporary” and be gone by the end of 2022. White House press secretary Jen Psaki said the administration understands “the threat that inflation poses” and the administration would be “vigilant” in their response.
“It’s important for Americans to know and understand that these impacts are temporary, and some of these price increases are a result of the economy turning back on.” (RELATED: Some Economists Say Biden’s Plan To Fight Inflation Will Likely Just Make It Worse)
Psaki told CNN’s Jake Tapper in October that inflation is a “good thing” because it means “more people are buying goods” which is “increasing the demand.” Her comments came after White House chief of staff Ron Klain retweeted a claim that inflation and supply chain issues were “high class problems.”
Fox News’ Peter Doocy questioned Psaki on Wednesday about the administration now blaming Russia for rising gas prices, with Psaki claiming the war in Ukraine led to “instability and volatility” in the market.