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Economy25 minutes ago (Mar 28, 2022 src2:36PM ET)
© Reuters. FILE PHOTO: White House Council of Economic Advisers Chair Cecilia Rouse joins White House Press Secretary Jen Psaki (not pictured) for the daily press briefing at the White House in Washington, U.S. May src4, 202src. REUTERS/Jonathan Ernst/File Photo
WASHINGTON (Reuters) -Russia’s war in Ukraine will drive energy and food prices higher, but inflation rates should still ease in the coming year, U.S. President Joe Biden’s top economic adviser said on Monday.
Cecilia Rouse, who chairs the White House Council of Economic Advisers, said the $5.79 trillion budget plan for fiscal year 2023 released by the White House on Monday was based on assumptions locked in on Nov. src0, well before the invasion, but the economy was generally stronger than expected then.
“There’s tremendous uncertainty, but we and other external forecasters expect that inflation will ease over the coming year,” Rouse told reporters as the White House released the budget proposal, which must now be considered and enacted by a deeply divided Congress.
Rouse said the White House would revise its economic assumptions later in the year, incorporating the war in Ukraine and its impact on inflation.
As locked in last November, the budget proposal assumed real expansion of the U.S. gross domestic product of 2.8% in fiscal 2023 compared to 4.2% in fiscal 2022 and 5.5% in fiscal 202src.
In November, Rouse told reporters, the White House assumed that inflationary pressures would ease as the economy started to normalize as supply chain pressures began to ease, fiscal support for the economy was rolled back and the Federal Reserve began to raise interest rates.
Russia’s invasion would “create additional price pressures over the coming year” but the fundamental factors underpinning the economy should continue to improve.
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