Political | Process

White House press secretary Jen Psaki told reporters before the numbers were released that March’s inflation would “be extraordinarily elevated due to Putin’s price hike.”

“We expect a large difference between core and headline inflation, reflecting the global disruptions in energy and food markets,” she said.

However, inflation has risen steadily since Biden took office, starting at 1.4% the month he was sworn in, reaching 5% by May, 7% by November, and now 8.5%. Gas prices, which Russia sanctions most directly affect due to the country’s status as a major oil exporter, were also high ahead of the invasion.

In November, Biden tapped the Strategic Petroleum Reserve in an effort to bring prices down, lashed out at oil companies he said were reaping too-high profits, and called for a Federal Trade Commission investigation to “consider whether illegal conduct is costing families at the pump.” Russia’s invasion of Ukraine began Feb. 24.

“Inflation has been up every month that Biden has been president,” said Republican strategist Doug Heye, adding that “the public is not buying” the “Putin’s price hike” line.

Gas prices continued rising after the invasion, going from about $2.31 per gallon when Biden took office to $3.44 in November and about $4.11 on average today.

Along with more petroleum reserve taps, the Biden administration will allow 15% ethanol gas to be sold this summer and is spending about $800 million to subsidize biofuel production. The administration estimates E15 to be 10 cents cheaper per gallon than gasoline.

Whether that’s enough of a difference for voters concerned about rising inflation remains to be seen. Food prices are up 8.8% year over year overall, with the price of meat up 13.7% and cereal and bakery products up 9.4%.

“These moves are a Band-Aid,” Heye said. “It won’t stop the bleeding, but clearly the administration feels they need to do something.”