The Biden administration reports inflation has risen to a level not seen since 1982. The Labor Department said Thursday the Consumer Price Index rose by 7.9% over the 12-month period that ended in February. At the White House, Press Secretary Jen Psaki said Thursday that U.S. residents should expect more inflationary pressure in the weeks ahead as bans on Russian fossil fuels squeeze energy markets.

Press Secretary Jen Psaki: “In terms of prices going up, we do anticipate that gas prices and energy prices will go up. That is something that the president has conveyed very clearly to the American public. We also believe it will be temporary and not long-lasting.”