President Joe Biden claimed Wednesday that inflation “disappeared” in July despite data from the Bureau of Labor Statistics (BLS) showing an increase in core inflation.
Biden briefly spoke about newly released Consumer Price Index (CPI) data while signing the PACT Act.
“Before I begin today I want to say a word about the news that came out today relative to the economy,” Biden said. “Actually I just want to say a number, zero. Today, we received news that our economy had 0% inflation in the month of July. Zero percent.”
“Here’s what that mans. while the price of some things went up last month, the price of other things went down by the same amount. The result is zero inflation last month,” Biden continued.
The president also said the recent jobs report “underscores” the type of economy the U.S. has while adding things are “looking up.” (RELATED: ‘Took A Breather’: CNN Gets Ripped For Suggesting Inflation, At 8.5%, Is Something To Be Happy About)
While the month-over-month city average of all measured items did not rise at all between June and July, they year-over-year core inflation city average of all measured items jumped 8.5%, according to data from the BLS.
“The food index increased 1.1 percent in July; this was the seventh consecutive monthly increase of 0.9% or more,” the BLS release states. “The index for all items less food and energy rose 0.3 percent in July after increasing 0.7% in June. The shelter index continued to rise but did post a smaller increase than the prior month, increasing 0.5 percent in July compared to 0.6 percent in June.”
The CPI numbers were better than expected in large part due to slumping energy and gas prices, according to CNBC. Despite the decline, inflation pressures remained stronger than usual, the outlet reported.