President Joe Biden claimed on Wednesday that the United States experienced “zero percent inflation in the month of July” while ignoring that the Bureau of Labor Statistics’ latest Consumer Price Index Report announced inflation rose 8.5% year-over-year.
On Wednesday, the Consumer Price Index Report revealed that the rate of inflation is down from June’s 9.1% inflation rate. It did show that “zero percent” inflation occurred from June to July but that the country still experienced an increase in prices overall compared to a year ago.
In reaction to the news, an elated Biden told the press, “Today we received news that our economy had zero percent inflation in the month of July. ZERO percent. Here’s what that means, the price in of some things go up, went up last month, the price of others went down the same amount — the result: zero inflation last month. People are still hurting but zero inflation.”
Biden: “Today we received news that our economy had zero percent inflation in the month of July. ZERO percent.”pic.twitter.com/fQ07bA7KCK
— Daily Wire (@realDailyWire) August 10, 2022
Ron Klain, Biden’s White House chief of staff, also retweeted Biden’s claim.
National Public Radio’s Asma Khalid added necessary context to that idea, tweeting, “To be clear, inflation dipped from a 40-year high. The Labor Department reported this morning that consumer prices in July were 8.5% higher than a year ago.”
To be clear, inflation dipped from a 40-year high….