“I just want to say a number: zero. Today we received news that your economy received zero percent inflation in the month of July” President Biden said before praising the efforts of his administration.
Indeed, President Biden is correct that The Bureau of Statistics reported there was zero “one-month percent change in CPI”. But there is much to say about the yearly change figure.
In the same paragraph that states there was no month change in CPI, the economic release reads “Over
the last 12 months, the all items index increased 8.5 percent before seasonal adjustment.”
Meaning, this time last year items were 8.5% less expensive. In the span of one year items have increased in price by 8.5%. This figure is 0.6% less than the newly established 40-year high of 9.1% reported in June.
The 8.5% figure is nothing to brag about considering inflation hit new highs last month. Inflation has only dampened from it’s once frightening levels. Moreover, when food an energy aren’t taken into account prices have still inflated a third of a percent. The prices of fuel—which Biden notions are influenced by everything else but his own actions—made up most of the inflation drop in July. How is it then Biden can honestly parade about?
Perhaps the administration assumes Americans will not view the PDF report that comes equipped with graphs. In the PDF one can observe the economic impacts of Biden’s administration. The graph of both the CPI and All Items Index (less food and energy) has been trending up since September 2020. Biden can celebrate once those graphs begin to faithfully trend towards it’s former levels.
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