A new Consumer Price Index report revealed that inflation rose 8.2% Price gains proved persistent and stubbornly high as the cost of groceries climbed 0.7%, putting the 12-month increase at 13.0%. Rent costs jumped 0.8% over the month and 6.7% on an annual basis. President Biden addressed the report at an event in Los Angeles and was strangely optimistic, declaring that it showed “progress” in the economy.
Biden said:
“Today’s reports, though, show some progress. Overall, inflation was 2% over the last three months. That’s down from 11% over the prior three months. That’s progress, but a lot of it has resulted from getting the cost of living at the gas pump down, now even in California, by more than $1 nationally,”
“If Republicans win, inflation is going to get worse. It’s that simple.”
President Biden has downplayed poor inflation reports before, like in August when he said that inflation was at “zero percent”. In reality, inflation was at 8.5%. Biden can lie to American’s but he knows that inflation reports like these are incredibly damaging.
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