U.S. Inflation Falls To Lowest Rate; Biden Thrilled

The June 2023 inflation report shows annual inflation dropped to the lowest level since March 2021.

Photo Insert: Bidenomics seems to be working.

The rate for June was 0.2%, bringing annual inflation to just 3%. A year ago it was more than 9%, David Badash and the New Civil Rights movement reported for Raw Story.

The New York Times calls it a “pronounced cooling” and “good news for consumers.” It is an incredible drop from a year ago when inflation was 9.1% year-on-year in June 2022, Washington Post’s economic columnist Heather Long exclaimed.

She also noted, “Wages are now rising faster than inflation.” The Associated Press (AP) reported that President Joe Biden took credit for the good news, saying “Bidenomics is working.”

Mark Zandi, chief economist at Moody’s Analytics, said “Inflation is definitively throttling back, and while today’s report overstates the case, there is a strong case that inflation is headed in the right direction.

The Fed should rethink the need for more rate hikes.” University of Michigan professor of economics Justin Wolfers noted the 3% means “inflation is returning to normal rates.”

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