White House: Inflation Report ‘Very, Very Positive’ and We’re ‘on the Right Trajectory’ on Inflation, Even with Core RisingIan Hanchett 12 Apr 2023
On Wednesday’s broadcast of CNBC’s “Squawk on the Street,” White House National Economic Council Deputy Director Bharat Ramamurti stated that the March CPI report is “very, very positive” and that we’re moving in the right direction on inflation.
Ramamurti said, “I think it’s a very, very positive report, as you highlighted just now, inflation at the headline level continues to come down, nine straight months now of declining inflation. One of the most salient prices for families, for consumers — grocery prices — actually went down over the last month. And I think if you take a step back and look at the story of the last nine months, it’s very simple. Jobs are going up, wages are going up, and inflation is coming down, and that’s exactly the kind of transition to steady and stable growth that the president said he wanted to see last year.”
Co-host Sara Eisen then asked, “It’s progress, but, inflation is still pretty high and sticky in some places. And if you look at the core, which is what the Fed is targeting, taking out food and energy, up 0.4% from the last month. It’s not nearly where it needs to be, is it?”
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