According to the statistics on the Consumer Price Index for the month of July, inflation is currently at an all-time high of 8.5%. The information was made available by the Labor Department on Wednesday, and it indicated that inflation had decreased from 9.1 percent in June.
The Consumer Price Index (CPI) is a measurement of a range of prices for a typical basket of items. The CPI does not include measurements of prices for food and energy because those prices are more volatile. According to the data, inflation appears to be hovering very close to its greatest levels in more than 40 years. Despite the fact that many economists believe the United States is currently experiencing a recession, the Federal Reserve has indicated that it would continue to hike interest rates.
In the meantime, President Joe Biden maintains that there is no inflation in the United States while he attempts to defend his failed "borrow and spend" programs. He highlighted month-on-month inflation numbers while speaking to reporters at the White House on Wednesday and then asserted that his economic plan "is working."
Ridiculous BS from the White House.
There’s 8.5% inflation and basically everything anyone ever buys went up in price.
This is just cruel gaslighting from the Biden admin. https://t.co/zbwGOE04XD pic.twitter.com/pejS2fAdsp
— Ted Cruz (@tedcruz) August 10, 2022
Despite the fact that core inflation fell to 8.9 percent in July from 9.1 percent in June, experts believe the crisis is still ongoing.
Inflation is thought to be decreasing as a result of a slowdown in economic activity as a result of the protracted recession, according to experts. Nevertheless, in spite of what Biden asserts, the inflation rate is still at an extremely high level.
Larry Summers, who served as Treasury Secretary under Bill Clinton, is another prominent figure who is sounding the alarm about attempts to minimize the gravity of the inflation situation. In an interview that took place on Wednesday, he stated that the most recent gauge of inflation that was released by the Labor Department is positive, but that the dangers of a wider economic catastrophe are still very high.
Former Clinton Treasury Sec. Larry Summers: “We have a very serious inflation problem"
“We’re likely to have some quite turbulent times ahead” pic.twitter.com/luFbaIXHiW
— RNC Research (@RNCResearch) August 10, 2022
Summers stated that a lot of macroeconomic indicators are pointing to fundamental difficulties that may become worse "with a horizon of two years"; this is in contrast to Biden's claim that there is zero inflation.
The preceding is a summary of an article that originally appeared on OANN.