As fresh economic data revealed inflation has risen yet again to record highs, Biden economic advisors claimed that the data highlights “progress” and a “strong” economy.
The September inflation rate was clocked at 8.2 percent, while the Core CPI surged to 6.6 percent, the highest rate for four decades.
According to the Bureau of Labor Statistics, the producer price index (PPI) increased by 0.4 percent, double what had been estimated since the passing of the ‘Inflation Reduction Act’.
“Excluding food, energy and trade services, the index rose 0.4 percent for the month and 5.6 percent from a year ago,” CNBC reported:
As the news hit home, stocks nosedived by 500 points:
A slight decline in overall inflation is likely due to a minor decline in energy costs, yet they are still up 19.8 percent year-on-year compared to 23.8 percent in August, according to the BLS.
Food costs remain historically high, with the overall food index falling slightly to 11.2% annually, down from 11.4% in August.
The Biden administration seized on those ‘reductions’ to gaslight:
Biden himself repeated the “progress” talking point:
Biden also declared that inflation will “get worse” if Republicans win in the midterms:
Of course, the worse is yet to come:
Biden aides also spent yesterday bragging about his improving approval rating, which is still historically low:
Approval of Biden’s handling of the economy and inflation stand at a paltry 36 percent and 32 percent respectively.
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