In a speech from the White House, Biden touted a report from the Bureau of Labor Statistics that showed the consumer price inflation slowed during July, though it remained elevated. Stripping out more volatile food and energy items, consumer prices rose 4.3% in the 12 months ended in July, slightly below the June’s rise. Overall, prices rose 5.4% over the period, flat compared with June, the Bureau of Labor Statistics reported Wednesday. The report came days after a positive jobs report showed the economy added 943,000 jobs during the month of July.
While inflation has increased as the economy grows along with the roll out of Covid-19 vaccines, allowing many Americans to return to a more normal life, the President and his administration have downplayed concerns about price hikes. Biden said the numbers released on Wednesday morning show the economy in recovery.
“I would argue that our Biden economic plan is working, and historic…
