July inflation numbers dropped below expert’s predictions.
U.S. consumer prices rose 3.4 percent in July year-over-year, down from June’s 3.5 percent annual rate, as gasoline and grocery costs moderated, the Bureau of Labor Statistics reported Wednesday.
Core inflation, which excludes volatile food and energy prices, rose 0.2 percent for the month and 2.5 percent over the year. Bloomberg News reported that the annual core figure matched the slowest pace since March 2021 and that energy, gas and grocery prices all fell on the month.
The report arrives as the Federal Reserve considers whether to raise interest rates. The central bank has held rates steady all year even as inflation has run above its 2 percent target, according to the New York Times. The Fed will receive one more inflation reading before its next meeting in mid-September.
NPR News reported that the smaller annual increase makes it less likely the Fed will feel the need to raise rates in September. Financial markets put the odds of the Federal Open Market Committee holding rates steady at that meeting at 55.9 percent as of Wednesday morning, according to the CME FedWatch tool, The Hill reported.
Federal Reserve Chair Kevin Warsh addressed the central bank’s inflation target last month after the FOMC kept rates unchanged for a fifth straight meeting, according to The Hill:
“There is no soft inflation target, there is no soft implicit target, not on this Committee’s watch. There’s only a target, and it’s 2 percent.”
Of course, the legacy media will not tell you that President Trump’s numbers are less than half of what the inflation number was at the same time during Joe Biden’s autopen presidency.
The peak inflation the month when Joe Biden took office was 1.4% YoY.
Inflation quickly surged and hit 9.1% in June 2022 (highest in about 40 years).
Here are the monthly/annual year-over-year rates Joe Biden’s first two years in office.
2021: 1.4%, 1.7%, 2.6%, 4.2%, 5.0%, 5.4%, 5.4%, 5.3%, 5.4%, 6.2%, 6.8%, 7.0% (annual average ~4.7%).
2022: 7.5%, 7.9%, 8.5%, 8.3%, 8.6%, 9.1%, 8.5%, 8.3%, 8.2%, 7.7%, 7.1%, 6.5% (annual average 8.0%).
The inflation rate was 8.3% at this time during Biden’s autopen presidency.
Of course, the mainstream media will not report this. They want you to think we are in the worst inflation run in history when it was Joe Biden who had the worst inflation in 40 years.
Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.
You can email Jim Hoft here, and read more of Jim Hoft’s articles here.
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