Economics
Biden Calls Shock Inflation Report ‘Out of Date’ Due to Declining US Gasoline Prices
- US prices rose 9.1% in June, again exceeding forecasts
- President says report doesn’t capture decline in pump prices
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President Joe Biden sought to downplay a report showing higher-than-expected inflation in June, calling it “out of date” because of declining US gasoline prices.
Biden called inflation “unacceptably high” in a statement but said that “today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices that have reduced the price at the pump by about 40 cents since mid-June.”