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Economy

Biden Celebrates No New Inflation in July, But Annual Inflation Remains at 8.5%+

Inflation remains at 8.5% in the official figures despite Biden’s premature celebration

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Joe Biden has celebrated the fact that month to month inflation was zero percent in July. Annual inflation to July is at least 8.5%.

Speaking on Wednesday, Biden discussed the most recent statistics released from the Department of Labor’s Consumer Price Index. “Actually I just want to say a number. Zero,” Biden told reporters. “We’ve received news that our economy had zero percent inflation in the month of July.”

This is technically correct. According to those statistics from the Department of Labor, month to month inflation for all items in July 2022, compared to the previous month of May, totalled out to zero percent.

However, when looking at the unadjusted 12 month inflation figures, with a year end of July 2022, inflation is shown to be 8.5%.

The month to month inflation drop to zero percent that Biden celebrated was driven by the temporary reduction in energy prices, with that side of the market seeing -4.6% inflation in July, after raises of 11% and 7.5% in March and June respectively.

Month to month food inflation in July was 1.3%, with a total yearly inflation of 10.9%, when ending in July 2022.

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The White House continues to insist that the country is not experiencing a recession, which is traditionally defined as two consecutive quarters of GDP growth, but instead simply a “transition.”

“We had this strong economic growth because of the work that this president has done in the past 18 months,” said White House Press Secretary Karine Jean-Pierre. “And now what we’re seeing is a transition into stable and steady growth,” she added. “But we get it. We get that people are still feeling a little bit more pain.”

Among the tough economic situation, the Biden administration continues to send money to the embattled nation of Ukraine, with another $4.5 billion in aid being authorised on Monday. Around $18 billion has been spent since the Russian invasion in February this year.

Ukrainian President Volodymyr Zelensky argued that the inflation that Americans are seeing is “nothing” when compared to the threat of Vladimir Putin’s Russia.

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Jack Hadfield
Written By

Jack Hadfield is the Associate Editor at Valiant News. An investigative reporter from the UK, and the director and presenter of "Destination Dover: Migrants in the Channel, his work has appeared in such sites as Breitbart and The Political Insider. You can follow him on Gab @JH, on Telegram @JackHadders, or see his other social media by visiting jackhadfield.co.uk.

3 Comments

3 Comments

  1. Avatar

    JOHN MAYOR

    August 11, 2022 at 12:07 pm

    Well, we should be leaving the battles up to God! And truth be told, the legacy of George Bush’s Afghanistan and Iraq battles cost MUCH MORE to America’s economy than Biden’s defense of an ALLIE! And furthermore, Afghanistan and Iraq wouldn’t have had the weapons these used to wage daily fights with American troops, if the American industrial-military complex hadn’t provided them with the means to kill our young men and women… and, at once, increase the bank accounts of this same complex.
    .
    Maybe what complainers should be doing, is addressing the sales reps of the complex that is offering up the latest “deals” to Biden…
    .
    t*ly/9dTv
    .
    t*ly/zMrG

    • Avatar

      Grayfox41

      August 12, 2022 at 12:43 pm

      Oh, okay. I didn’t know that the conflict in Ukraine was over. I had heard three or four months ago that Ukraine was trouncing Russian forces. Tell me again why we are still sending billions to fight a successful war that has been on the verge of victory for several months and nothing is being done to stop the invasion of illegals and deadly drugs at our southern border. And, by the way, it’s not just the U.S. military/industrial complex that gets wealthy selling gun and ammunition to arm foreign wars and the IRS. Most of our European allies were knee deep in military support to Iraq and have continued supplying equipment to Iran for the enrichment of uranium.

      John, I cannot second guess your agenda, but my agenda is the security and well being of every citizen of the sovereign United States. That means all revenues collected by our government should be first applied to the Constitutional Rights, security and well being of every legal citizen of this country. Our border security stinks, our effort to control drugs stinks, our education system K through graduate school stinks, our industrial and consumer manufacturing system is becoming extinct, our health and pharmaceutical systems are in need of better oversight and investment and our political election system is a laughing stock in third world countries. HAVE I MADE MY POINT!!

  2. Avatar

    William

    August 11, 2022 at 5:03 pm

    Month to month inflation dropped from 9.1% to 8.5%. Year to year inflation is up to 9.5%. Joe is only saying there is no inflation because he was told to say there is no inflation. He doesn’t have enough of his own mind left to think of it himself. I truly wouldn’t wish that on anyone. Not even a Demonrat!!!!

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