Fact Check re Zero Inflation
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.
Authored by Steven Nelson and originally published at the New York Post on 10 August 2022 here. The latest US CPI statistics can be found and charted here.