The White House expects June’s consumer price index figures to be “highly elevated” as Americans grappled with substantial increases in the cost of gasoline and food, but said the reading was “already out of date” because of falling energy prices. “Gas and food prices continued to be heavily impacted by the war in Ukraine,” press secretary Karine Jean-Pierre said Monday, adding that the report — to be released Wednesday — was “backwards-looking.” Economists surveyed by Bloomberg expect the report to show consumer prices rose 8.8% in June from a year earlier, which would be a fresh 40-year high following an 8.6% reading in May. But Jean-Pierre downplayed the headline number, pointing out that prices at the pump had fallen since the reading. “June CPI data is already out of date because energy prices have come down substantially this month and are expected to fall further,” she said. June risks being the third month in the past four to see CPI increase at least 1% compared to the previous month. Rising inflation may prompt the Federal Reserve to raise its benchmark rate 75 basis points for a second consecutive meeting on July 27, and has fueled fears of a possible recession despite strong jobs data that shows unemployment near a five-decade low. NN: Tomorrows CPI report will represent peek inflation. Its a lagging report reflecting early June data. From food to energy to minerals prices are dropping. The markets should understand this. But who knows what the knee jerk reaction will be. The great danger now is the fed overtightens,