White House believes CPI will be high due to the flow-through impact of higher oil price

Info comes via a reporter for Fox:

• White House Official telling me they expect headline inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term will be elevated because gas prices were 8.5% were greater in April than May. The White House Official says that will seep into CORE inflation through airline tickets because of the price of jet fuel
• A White House Official telling me they believe that inflation will moderate and finish lower at the end of this year than the rate at the end of 2021.
• White House Official tells me the gains in the labor market & demand for goods don’t indicate we are in a recession. They said it is “very unlikely”. Official says the administration is in a “good spot to transition” the economy to stable growth
• White House Official tells me they are tracking a shift is spending habits from buying goods to buying services. They believe that shift will relieve pressure on supply chains as money moves from buying stuff to buying services.

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IMO - It won't just be jet fuel that higher energy costs flow through to.

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