In what appeared to be a victory lap, President Joe Biden made an unannounced appearance at the White House’s creator economy conference on Wednesday, held in the Indian Treaty Room. As the event was wrapping up, Biden was confronted by a reporter with a question that has been on the minds of many Americans: “Has the U.S. beat inflation, Mr. President?”
This question came in the wake of reports from mainstream media outlets like CNN, which claimed that the U.S. had reached an inflation milestone. “Inflation milestone: Consumer Price Index slows below 3% for the first time since March 2021,” CNN trumpeted. Biden seemed eager to take credit, responding emphatically, “Yes! Yes! Yes! I told you we were going to have a soft landing … my policies are working — start writing that way, OK?!”
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But as with many things in Washington, the truth is often in the fine print.
While the headline figures may suggest that inflation is cooling off, the reality for millions of Americans is quite different. Our colleagues over at Zero Hedge were quick to point out that despite the year-over-year (YoY) slowdown in Core Consumer Price Index (CPI), the Core goods deflation has all but stalled. The outlet noted, “That is the 50th straight month of MoM increases in Core CPI, and a record high…” It’s important to remember that the Core CPI, often highlighted by politicians, conveniently excludes the volatile categories of food and energy—areas where many Americans are feeling the most pain.
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