MNI BRIEF: White House - Too Early To Call Energy Price Peak

A White House senior official on Tuesday said it might be too early declare that energy prices have peaked, and the impact of energy and food prices on annual headline CPI in June will likely exceed 40%.

"I think it's a little early to declare that we're definitively at a peak in terms of energy prices of gas in particular, and oil," the official told reporters on a call, who emphasized they have not seen an early copy of the CPI report due out Wednesday. "We've seen prices have declined over the last month and and that's that's definitely a welcome."

Dallas Fed economist Jim Dolmas told MNI recently U.S. inflation data show little sign of slowing from a torrid pace in May.