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‘That’s Progress:’ White House Grasps for Upside After Dismal Inflation Report

  • In reversal, Biden cites headline inflation instead of core
  • Top economic aide says ‘contemporaneous’ housing data better
Bloomberg business news
Core US Inflation Climbs to Highest Since 1982

President Joe Biden’s White House engaged in mathematical gymnastics on Thursday to draw some positive news out of an otherwise gloomy inflation report -- one of the last that US voters will see before they decide control of Congress in November.

“Overall inflation was 2% over the last three months,” Biden said at an event in Los Angeles. “That’s down from 11% over the prior three months. That’s progress.”