Claim: The White House said on Monday that Putin’s war against Ukraine is the biggest driver of inflation.
Since the biggest driver of inflation is Putin’s war against Ukraine, @POTUS Take steps to mitigate the effects of Putin’s price hike on families.
– The White House (@The White House) 20 June 2022
Inflation was high and rising before Russia’s latest invasion of Ukraine. The consumer price index (CPI) rose 0.6 percent in May 2021, after rising 0.8 percent in April. On a year-on-year basis, prices rose 5.0 percent, the biggest 12-month increase since the 5.4 percent increase in the period ended August. 2008.
Core inflation, which excludes food and energy, was 3.8 percent in the last 12 months, the largest 12-month increase since the period ended in June 1992.
The war in Ukraine and the global backlash, including the sanctions and boycott of Russian energy, likely contributed to rising oil prices. The impact on world markets has been somewhat sharp, although China has shifted its purchases to Russia rather than Saudi Arabia.
Fruits and vegetables on the family table are becoming more expensive due to side inflation. https://t.co/Kv0aPGIr1I
– Breitbart News (@BreitbartNews) 10 June 2022
The biggest factor in rising energy prices is the growth of global demand and the lack of capital investment. Second, it is backed in part by ESG’s investment, Biden’s commitment to phase out fossil fuels, and regulators curbing fossil fuel production.
However, inflation is still very high even without energy. In the absence of energy, the consumer price index rose 6.6% year-on-year and 0.7% in May compared to April. This suggests that Putin has little to do with the volume of US inflation.
Source: Breitbart
