How it started ... How it's going: Inflation down in June, but food, housing prices still up under Biden
Co-host of ‘The Big Money Show’ Brian Brenberg analyzes the latest inflation data and discusses California’s $20 minimum wage increase.
President Biden took a victory lap Thursday after inflation dropped for the first time in four years, although prices remain uncomfortably high for millions of Americans.
The U.S. Department of Labor said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, dropped 0.1% in June from the previous month. It marked the first monthly decline since May 2020. Prices remain up 3% from the same time last year.
«Today’s report shows that we are making significant progress fighting inflation. Overall prices fell last month, after staying flat in May, and core inflation is the lowest in more than three years. Prices are falling for cars, appliances, and airfares, and grocery prices have fallen since the beginning of the year,» Biden said in a statement released by the White House.
«Thanks to my economic plan, wages are rising faster than prices, we’ve created 15.7 million jobs, and communities that were left behind by my predecessor are making ‘a remarkable comeback,’» he added.
INFLATION UNEXPECTEDLY FALLS TO 3% IN JUNE
A timeline of the U.S. inflation rate throughout President Biden's first term in office through June 2024. (FOX Business / Fox News)
The inflation report is a bit of welcome relief for Biden, who faces calls to withdraw from the 2024 presidential election from members of his own party after his disastrous debate against former President Trump last month. But the Democratic president acknowledged that «prices are still too high,» as costs for food and housing are still far above what they were when he took
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