President Joe Biden falsely said on Friday that inflation, excluding food and fuel, is falling even as headline inflation is rising.
“Energy and non-food inflation, which economists call core inflation, has softened in the last two months,” Biden said. “Not enough, but moderate, it has decreased and we need to download faster.”
Biden reacted to the new CPI data for May in his speech in the Port of Los Angeles on Friday morning.
However, main monthly inflation in May was actually the same 0.6 percent as in April.
Biden’s team cited stable monthly figures as a sign that core inflation is “weakening” but not falling.
Key inflation prices rose 6 percent in May compared to the previous year, from 6.5 percent in March.
“Core inflation has dropped compared to last year because we have been in a state of hyperinflation for over a year. Last May, benchmark prices rose 3.8 percent to the highest level since 1992, beating economists’ expectations. As a result, the annual figure reflects higher prices in May 2021.”
At a Chevron gas station located at Cesar Junction, the price of gas is approaching $8 per gallon. E. Chavez Avenue and Alameda Avenue in downtown Los Angeles. (via Getty Images by Mel Melcon/Los Angeles Times)
Inflation, including food and gas, rose to 8.6 percent in May, the highest level in 41 years.
Shoppers walk through empty grocery aisles at a Safeway store in Washington on Tuesday, January 11, 2022. (AP Photo/Parker Purifoy)
Biden accused Russian President Vladimir Putin of high inflation.
“I understand that Americans are alarmed, and they are alarmed for good reason,” Biden said. “We haven’t seen anything like Putin’s tax on both food and gas.”
“Putin’s price hike is very painful for Americans,” he continued.
US President Joe Biden (right) and Russian President Vladimir Putin met at the US-Russia Summit held at Villa La Grange in Geneva, Switzerland, on June 16, 2021. (Peter Klaunzer/Keystone via Getty Images)
Biden boasted that the labor market was the strongest since WWII “despite inflation”.
“Since sitting down, the average American household has been carrying less debt, more savings than ever before,” he continued, echoing a misleading claim based on old data before inflation became a big issue.
The president did not propose a solution to solve the inflation problem, although he described it as “his top economic priority”.
Again, he called for more government spending to make home modifications cheaper with clean energy, cheaper insulin and cheaper internet.
Speaking at the port, Biden accused foreign shipping companies of raising prices to ship goods from Asia.
“Sometimes you find something angry inside you, like there’s someone in front of you, you’re going to want to hit it,” Biden said, referring to shipping companies charging higher rates.
He also blamed Exxon for high gasoline prices, saying they were making record profits while American families were suffering.
“Exxon Last year, we made more money than God,” he said. “They won’t be pierced. Why haven’t they pierced?”
Source: Breitbart
