“Since the war in Ukraine began in late February, the rate of inflation has risen incrementally another 1.6% to a current level of 8.6%,” he continued. “Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?”
Sen. Bill Hagerty (R-Tenn.): “Would you say that the war in Ukraine is the primary driver of inflation in America?”
Fed Chair Powell: “No. Inflation was high before, certainly before the war in Ukraine broke out.” pic.twitter.com/xhPeO0NYYE
— Breaking911 (@Breaking911) June 22, 2022
“No,” Powell said. “Inflation was high before, certainly before the war in Ukraine broke out.”
The White House has consistently blamed Russian President Vladimir Putin for inflation, tweeting just two days ago that the “biggest single driver of inflation being Putin’s war against Ukraine.”
With the biggest single driver of inflation being Putin’s war against Ukraine, @POTUS has taken action to blunt the impact of Putin’s Price Hike for families.
— The White House (@WhiteHouse) June 20, 2022
