The White House projected on Wednesday that US inflation was still "elevated" in May despite hopes that a pivotal report set to be released later this week will show that price hikes have been mitigated.

Consumer prices in the United States, the world's largest economy, have been on a sharp increase, the sharpest in more than four decades, as gas prices are reaching record highs daily after the US and the West drove Russia out of the energy market in light of the Ukraine war as well as the ongoing cuts in the supply chain brought upon by the Covid-19 pandemic.

The Labor Department will release consumer price data for May on Friday, and economists are projecting that the monthly increase will accelerate after slowing down in April when the Consumer Price Index posted an 8.3% year-on-year increase.

"We expect the headline inflation number to be elevated," White House Press Secretary Karine Jean-Pierre told reporters traveling with President Joe Biden on Air Force One. 

Biden has pushed curbing inflation to the top of his domestic agenda, though he is making the revelation that he has only a few tricks up his sleeve that would directly impact prices.

The Federal Reserve embarked on the path of aggressively hiking interest rates to combat inflationary pressures. The goal is sustaining economic expansion while avoiding a recession, the Fed claims.

"We continue to believe that the economy can transition from what has been a historic recovery ... to stable steady growth," Jean-Pierre said as Biden has been adhering to an upbeat message about the outlook.

Jean-Pierre, however, did acknowledge that the impact of the war in Ukraine has continued to drive up prices, including airfares.

Before the start of the war in Ukraine in February, Biden's approval rates have been in a decline - and now much more so, with the unprecedented inflation rates, baby formula shortage, increasing mass shootings, abortion ban, continuous supply of weapons to Ukraine, and beyond. 

A consumer survey conducted by the University of Michigan (UMich) in late May said US consumer sentiment is nearing March lows once again in light of surging inflation exacerbated by the Ukraine war, which is heavily affecting the buying decisions of Americans.

The developments earned concerns from consumers across the world, including those in the United States, and the reduction in consumer spending caused by the war-induced supply disruptions has weighed on the US economy as it is 70% made up by consumer expenditure.

US home mortgages grew at their slowest since April 2019, and data that came out Thursday from the federal home loan agency Freddie Mac reinforced the notion that rising mortgage rates and other ownership costs have started curbing the vibrant US housing market.