While the White House took a victory lap on Wednesday’s declining inflation print, some experts say the true rate of inflation in the United States is much higher than the officially-reported data indicates.
The Bureau of Labor Statistics (BLS) reported on Aug. 10 that the headline pace of inflation, as reflected in the Consumer Price Index (CPI), ticked down from a 41-year high of 9.1 percent in June to 8.5 percent in July.
At the same time, the month-over-month CPI inflation figure came in at 0 percent—meaning the pace of price growth stayed flat between June and July—prompting President Joe Biden to take a victory lap saying that the “economy had zero percent inflation in the month of July.”…