On Wednesday, President Biden boldly — if not blindly — claimed that inflation was in effect “zero percent” for July. This was after the Consumer Price Index (CPI) report showed the actual adjusted rate of inflation stood at 8.5 percent for the month.
“Lying lips are an abomination to the Lord,
But those who deal truthfully are His delight.” Proverbs 12:22
“Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number. Zero,” he boasted in an apparent (yet quite common) senior moment. “Today, we received news that our economy had zero percent inflation in the month of July. Zero percent.”
Biden continued with his doublespeak-infused fuzzy math: “Here’s what that means: While the price of some things go up, went up last month, the price of other things went down by the same amount. The result — zero inflation last month.”
Here are the actual numbers as reported by the U.S. Bureau of Labor Statistics:
The all-items index increased 8.5 percent for the 12 months ending July, a smaller figure than the 9.1-percent increase for the period ending June. The all items less food and energy index rose 5.9 percent over the last 12 months.
Energy costs are still waging war on American pocketbooks. The report showed “the energy index increased 32.9 percent for the 12 months ending July, a smaller increase than the 41.6-percent increase for the period ending June.”
The real kicker was that food costs, if you haven’t noticed, increased at the highest rate seen in 43 years. “The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979.”
Read More @ The New American HERE