Joe Biden Boasts Zero Inflation In July But Cost Of Food And Rent Still Rising

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President Joe Biden claimed Wednesday that there was no inflation in the United States during July. However, prices for goods and services have risen 8.5 percent over the previous year.

“I want to just say a number. Zero. “Today we heard that our economy experienced zero inflation in July,” Biden claimed during a speech at The White House.

All consumer prices saw an inflation of 0.2% in July, thanks to a decrease in gasoline prices from June’s record highs. Also, airfare costs dropped sharply.

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

However, inflation continues to rise at the grocery store. The prices were up by 1.3 percent over a month ago and 13.1 percent over a year.

Rent also rose by 0.7 percent compared to the previous month and by 6.3 percent compared to the previous year.

He acknowledged that some items were more expensive than others, but said core inflation was lower. He also pointed out the July news about the creation of jobs as further evidence of the economy’s improvement.

He said, “It underscores what kind of economy we have been building.”

Biden cautioned that inflation may be starting to moderate, but warned that global problems like the war in Ukraine or more pandemic shut downs could still harm the economy.

However, his overall assessment was positive despite the fact that more than two-thirds (or more) of Americans see the economy getting worse.

He concluded that the economic plan was working.