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This morning at 8:30 a.m., the Labor Department will release its newest consumer price index report, and the White House is bracing itself for the political impact of inflation numbers that are widely expected to be the highest yet faced during the Biden administration.\n\nWhat to expect: Economists polled by Reuters anticipate that the report will show that, year-over-year, \u201cconsumer prices rose 8.4% in March, up from 7.9% in February.\u201d That would be the highest rate since December 1981, notes CNBC.\n\nWhy it\u2019s likely to be that bad: This is the first CPI report since the large jump in oil and gas prices after Russia\u2019s invasion of Ukraine.\n\nWorth noting: \u201cEconomists consider two versions of the CPI data: The headline number that includes all prices consumers face, and a so-called core CPI that excludes often volatile food and energy price fluctuations,\u201d writes CNBC\u2019s Thomas Franck. \u201cThe White House says it anticipates a wider-than-normal disparity between the headline and core readings because of an abnormal increase in gas prices that occurred last month.\u201d\n\nSubscribe to the POLITICO Playbook newsletter\nRaghu Manavalan is the Host of POLITICO's Playbook.Jenny Ament is the Executive Producer of POLITICO Audio.