President Biden Statement on CPI Inflation in June
The headline inflation number for today is not only unacceptably high, but it is also outdated.
Nearly half of the monthly increase in inflation was accounted for by energy alone.
The full impact of the roughly 30-day drop in gas prices,
which has lowered the price at the pump by around 40 cents since mid-June, is not fully reflected in today's figures.
These savings are giving American households much-needed breathing room.
And since this news, the price of other commodities like wheat has decreased significantly.
Importantly, the report released today reveals that what economists refer to as annual "core inflation" decreased for the third consecutive month,
marking the first time since last year that this measure has fallen below six percent.
Our most urgent economic problem is inflation.
Almost every country in the globe is being affected.
The fact that inflation is high not only in America but also in many European nations is of little consolation to Americans.
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