Having warned the world to expect "extraordinarily elevated" levels of inflation due to "Putin's Price Hike", The White House is likely in shock this morning as headline CPI rose 1.2% in March (vs +1.2% MoM) which sent the headline CPI up a shocking 8.5% YoY (vs +8.4% YoY exp and +7.9% prior) - the highest since 1981.