Author Topic: Inflation ticks down to 8.5%, bolstering hopes it might be cresting  (Read 1430 times)

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Offline mystery-ak

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Re: Inflation ticks down to 8.5%, bolstering hopes it might be cresting
« Reply #25 on: August 10, 2022, 06:09:06 pm »
August 10, 2022 12:34pm EDT
White House economic adviser admits July inflation report is ‘no victory lap’
Consumer price index rose 8.5% in July year-over-year, prices unchanged in one-month period from June
By Kristen Altus | Fox News

   Following July’s inflation report which showed prices cooling for the first time in months, White House Council of Economics Advisers member Jared Bernstein claimed the Biden administration still has work to do on "America’s Newsroom" Wednesday.

"What I can say today is that inflation went up 0% in the month of July," Bernstein said. "So a great [inflation] report following a great jobs report, and a bit of much-needed breathing room; look, no victory lap... There are still elevated prices in key areas."

The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June.

"Our work here is far from done. I cannot underscore that enough," Bernstein said. "The president will continue to talk about unacceptably high inflation."

When asked how the White House plans to tackle still 40-year-high prices, Bernstein encouraged Americans to look at the "fingerprints" of Biden’s economic initiatives.

"One of the most important declines in this report is the fall in the price of gas. It's now about a dollar off of its peak from mid-June," Bernstein explained. "There are many factors going into setting the global price of gas, but the release of oil from the strategic reserves is one of them."

But other price increases were extensive in July with inflation remaining stubbornly high: The food index climbed 1.1%, putting the 12-month increase at 10.9%, the highest since May 1979. Consumers paid more for items like cereal, chicken, milk and fresh vegetables.

"I think that some of our efforts are manifest[ed] in the report, but we've got a lot more work to do. Prices are still too high," Bernstein said.

The White House economist also maintained that Democrats’ Inflation Reduction Act’s funding of new IRS agents won’t add tax audits for households making less than $400,000 per year. According to the newly-passed spending bill, the IRS will receive $80 trillion in government funding.

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https://www.foxnews.com/media/white-house-economic-adviser-admits-july-inflation-report-no-victory-lap
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Offline catfish1957

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Re: Inflation ticks down to 8.5%, bolstering hopes it might be cresting
« Reply #26 on: August 10, 2022, 06:10:35 pm »
It should be called *The Income Reduction Act*

Or the deficit explosion act.
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