President Joe Biden and other White House officials on Wednesday said a recent report shows the economy had “zero percent” inflation in July although the Consumer Price Index showed it remained near historic highs of 8.5 percent year-over-year.
“Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number: zero,” Biden said, adding, “Today, we received news that our economy had zero percent inflation in the month of July.”
It’s not clear if Biden meant a “zero percent increase,” as the Consumer Price Index dropped from June to July. The Consumer Price Index showed that inflation remained at 8.5 percent in July 2022, dropping from 9.1 percent in June and dropping 0.2 percentage points from May 2022….