Today, Biden falsely claimed we had “zero percent inflation.” The reality is that it went from 9.1% to 8.5%. He can falsely claim they’re on top of inflation and probably fool people, but he can’t claim inflation is zero – 8.5% is not 0%.
Consumers continue to face inflation daily and know that it isn’t true.
Inflation went down in July because Joe Biden is depleting the Strategic Emergency Energy Reserves to lower gas prices. Also, demand is down. Gas and oil affect the price of everything. They plan to keep depleting until the end of October to deceive people.
It’s a temporary solution to a problem he continues to make worse.
Here’s another tip for you. We can’t spend over $700 billion on the new inflation bill and not increase inflation. Government spending and the crushing of oil and gas are the problems causing inflation. The new bill makes both worse.
BIDEN: “Today we received news that our economy had zero percent inflation in the month of July.”
REALITY: Inflation in July was 8.5% pic.twitter.com/aW5idWx4r7
— Brick Suit (@Brick_Suit) August 10, 2022
Inflation hasn’t peaked. It has been slowed slightly artificially and temporarily.
Energy costs slowed for the month of July, falling 4.6%, although they remained 32.9% higher than a year before. Gasoline prices dropped by 7.7% month over month, providing some relief for drivers, but they were still 44% higher than the year before.
That is why the numbers are better, but not good.
Food costs continue to jump sharply, increasing by 1.1% over the month and rising 10.9% yearly, the largest increase since May 1979. CNN reports that food at home spiked by 13.1% yearly. This reflects the largest increase since March of 1979. Eating outside of the home is 7.6% more expensive than it was one year ago. What’s more the cost of shelter is 5.7% more than it was one year ago.
Overall energy costs are 32.9 % higher, but most notable is that gasoline prices are still 44%.
Price increases for new vehicles slowed a bit, rising 0.6% following last month’s rise of 0.7%. Used car and truck prices dropped by 0.4%, and airline fares dropped by 7.8%.
The increase in housing costs also moderated slightly, with the rise in overall shelter costs, rent, and owners’ equivalent rent each down by a fraction of a percentage point from the previous month. However, shelter costs are still up 5.7% year over year.
Back-to-School prices are up according to the Consumer Price Index (CPI)
- Eggs: + 38%
- Clothes: +5.1%
- Shoes: girls and boys: +7.7%
- Sports equipment: +6 %
- Toys, games, playground: +6.4%
- Education books and supplies: +3.1%