White House believes rise in consumer prices will be temporary

The Biden administration believes that consumer prices will peak this summer before dropping in the fall. President Biden and his economic team are faced with sharply rising prices. They increased again last month by six-tenths of one percent. Over the past 12 months, consumer prices are up 5 percent — the biggest jump in 13 years. Some analysts and Republican lawmakers are warning about runaway inflation. But a Biden administration official is convinced that the current spike in prices is temporary and will begin to dissipate later this year.