spike. if you strip them out the so-called core inflation number is better than expected. a 6 1/2 rise in prices since last year. the prices have been rising since long before putin invaded ukraine. but still his fault according to the biden white house. because of the actions we ve taken to address the putin price hikes we re in a better place than we were last month. but we expect march cpi headline inflation to be extraordinarily elevated due to putin s price hike. they were right about extraordinarily elevated part. president biden will go to iowa to help try to bring back gas prices and extending the use of e-15 fuel in the hot summer months. it creates more smog that way and it seems to be in conflict with promises to address climate change.
-denied. -can you imagine? i want a new nickname. can you guys start calling me snake? no, bryan. -denied. -how about we all get quotes to see if we can save with america s number one motorcycle insurer? approved. cool! hey, if bryan s not gonna be snake, can i be snake? -all: no. the currents spike in gas prices is the fault of vladimir putin. martha: so the white house has a hashtag to go with that claim, putin price hikes. republicans calling it the biden gas hike blaming the president for cutting oil production here at home. stop funding putin s war by opening up energy in america. we should be drilling in every part of the country we can. the lower prices would take putin s leverage away. martha: here s a look at how gas prices have jumped in the past year. the national average up 50%. $4.32 a gallon. i don t have to tell you that.
those javelins they so badly know. greg, we ll come back to you shortly, thanks. gillian: well, inflation hit a 40-year high this week, the labor d. is reporting that consumer prices jumped 7.9% during just the month of february. marking the sharpest spike since 1982, and according to economic analysts signaling that even higher prices are still to come. the biden administration is now pinning the blame on vladimir putin. reporter: the president s statement blames the putin price hikes. are you guys going to just start blaming putin for everything? until the midterms? well, we ve seen the price of gas go up at least 75 cents since president putin lined up troops on the border of ukraine. reporter: and last month the statement didn t mention the putin price hike, it mentioned inflation nation because of the pandemic. why is that? obviously, global events impact the economy. gillian: joining me now is james
hurry! offer ends march 21st. a live look at the white house briefing room as we await jen psaki, set to brief reporters a few moments from now ahead of president biden s trip this week to a nato summit in europe. as the administration tackles the crisis overseas, it s also facing problems here at home, including skyrocketing food and fuel prices. phil flynn, fox business contributor, great to have you here. so, jen psaki has been taking a lot of questions about inflation, how we get the prices down, skyrocketing food, fuel, car, home prices, just about everything the average american is dealing with the skyrocketing prices. and now who to blame. we remember the putin price hikes, blaming the invasion on rising gasoline prices.
freeman, assistant editor for the wall street journal editorial page. james, let s take a look at the numbers year on year. so we ve got overall 7.9%. gas is up 38%, electricity 9%. used cars and trucks, 41%. is that all part of the putin price hikes? well, the inflation is a manmade creation, but it s created in washington. the federal reserve has created trillions of dollars in money, a couple of trillion even since the economy started rebounding in the summer of 2020. as noted earlier, the stimulus plan last year, the covid-related plan ended up juicing gland. a demand. a lot of policies discouraging supply, and that s how you get too many dollars chasing too few if goods, that s inflation. gillian: so, you know, the white house has been making this claim reeatedly that, you know, standing repeatedly that standing up for our values,