On Wednesday, President Joe Biden celebrated after June’s new inflation data shows lower costs than expected.
Biden Takes His Victory After New Inflation Data Shows Comes Cooler
President Joe Biden said in a statement that today’s report about the new inflation data brings new and encouraging evidence that inflation is falling while our economy remains strong.
CNBC reported that the new inflation data is positive news for the economy as well as for Biden who is seeking a second term as President.
A strong economy tends to benefit the incumbent and slowing inflation could take barbs away from opponents.
On Wednesday, the Bureau of Labor Statistics released the consumer price index report for June, a popular gauge of inflation. Year over year, inflation rose 3 Percent the lowest level in more than two years.
The Index Was On A Monthly Basis
On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%. Core CPI, which does not include food and energy costs, rose 4.8% from a year ago and 0.2% on a monthly basis.
Biden said that wages for the average American worker are now higher than they were before the pandemic, with lower-wage workers seeing the largest gains. The improvement in producing jobs while reducing costs for families is not an accident, “I will continue to combat to decrease costs for families every day”, Biden added.
Biden’s top economic advisor also reiterated the president’s optimism in a speech about the new inflation data at the Economic Club of New York on Wednesday.