President Biden made a somewhat misleading comment on Wednesday regarding the state of inflation in the U.S. —Biden said the U.S. had experienced “zero percent inflation in the month of July.”
Now, before you go celebrating, sharing, and reposting —there’s a catch.
From The Daily Wire:
In reaction to the news, an elated Biden told the press, “Today we received news that our economy had zero percent inflation in the month of July. ZERO percent. Here’s what that means, the price in of some things go up, went up last month, the price of others went down the same amount — the result: zero inflation last month. People are still hurting but zero inflation.”
Watch the clip below:
Biden: "Today we received news that our economy had zero percent inflation in the month of July. ZERO percent."pic.twitter.com/fQ07bA7KCK
— Daily Wire (@realDailyWire) August 10, 2022
National Public Radio’s Asma Khalid added necessary context to that idea, tweeting, “To be clear, inflation dipped from a 40-year high. The Labor Department reported this morning that consumer prices in July were 8.5% higher than a year ago.”
To be clear, inflation dipped from a 40-year high.
The Labor Department reported this morning that consumer prices in July were 8.5% higher than a year ago. https://t.co/EIp5CkJut8
— Asma Khalid (@asmamk) August 10, 2022
Nice try, Joe.