As Inflation Remains Near Record High, Biden Says Inflation Rose 0%

Joe Biden

President Biden is arguing that the United States economy “had 0% inflation” following a report from the Bureau of Labor Statistics that said the Consumer Price Index (CPI) remained unchanged between June and July.

As noted by the Bureau of Labor Statistics’ report, annual inflation remains near the highest level in 41 years. In June, annual inflation reached 9.1%, and in July it moderated slightly to 8.5%.

Additionally, the so-called core Consumer Price Index, which excludes food and gas prices, rose 5.9% annually and 0.3% in July.

“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 zero percent inflation in the month of July.  Zero percent,” Biden – who began his presidency when inflation was 1.4% – added. “Here’s what that means: While the price of some things go up — went up last month, the price of other things went down by the same amount.  The result: zero inflation last month.  But people are hurting.  But zero inflation last month.”

Biden’s comments come shortly after a report from the U.S. Bureau of Economic Analysis showed that the United States had officially entered a recession as the economy continued to shrink in the second quarter of 2022.

“Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter,” the report said. “The smaller decrease in the second quarter primarily reflected an upturn in exports and a smaller decrease in federal government spending.”