President Joe Biden is running victory laps because inflation growth is lower than it was a year ago.
The May consumer price index (CPI) eased to four percent, down from 4.9 percent. Core inflation, which strips the volatile food and energy sectors, dipped to just 5.3 percent, down from 5.5 percent.
Of course, it is not declining. It is just that the pace of inflation growth has slowed.
Put simply, a buck in 2021 is not the same dollar in 2023.
Case in point, the state of the consumer price index over the last five years:
Like this article? Get ECN delivered to your inbox daily. Subscribe here.
Leave a Comment