President Biden tried to claim Wednesday that the US had “zero inflation” in July hours after federal Consumer Price Index [CPI] data showed annual inflation dipping only slightly to 8.5%, which outraged [many] critics who pointed out it’s still near a four-decade high.

The latest figures reflected a demand-driven decline in fuel prices — including gasoline, which hit a record national average of $5 per gallon in mid-June before sliding to a still-high $4 average today — that offset increases in the cost of food, rent and other goods and services.