Joe Biden boasts of ‘zero inflation’ in July, cost of food and rent continues to rise

President Joe Biden bragged on Wednesday that the US economy saw no inflation in July, even though the costs of goods and services are still up 8.5% from a year earlier.

“I just want to say a number. Zero. Today we learned that our economy had zero inflation in the month of July,” Biden boasted during a speech at the White House.

All consumer price inflation in July was stable compared to the previous month, Thanks a drop in gasoline prices from June’s record highs and a sharp drop in the cost of airline tickets.

“Zero percent,” Biden repeated proudly. “Zero inflation last month.”

But inflation at the grocery store continues to rise. Prices were up 1.3% from the previous month and 13.1% from a year ago.

The cost of rent also increased by 0.7% compared to the previous month; 6.3% compared to the previous year.

He admitted the price of some items was up but underlying inflation was down and pointed to news of job creation in July as further evidence that the economy was improving.

“It underscores the kind of economy we’ve built,” he said.

Biden cautiously said inflation “could start to moderate,” but warned that global challenges like the war in Ukraine and other pandemic shutdowns could still hurt the economy.

But his overall assessment of the economy was positive – even though more than two-thirds of Americans consider the economy to be deteriorating.

“The economic plan is working,” he concluded.


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