White House economic adviser admits July inflation report is ‘no victory lap’ – Fox News

by | Aug 10, 2022 | Financial

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Following July’s inflation report, which showed prices cooling for the first time in months, White House Council of Economics Advisers member Jared Bernstein claimed the Biden administration still has work to do on “America’s Newsroom” on Wednesday.”What I can say today is that inflation went up 0% in the month of July,” Bernstein said. “So a great [inflation] report following a great jobs report, and a bit of much-needed breathing room; look, no victory lap… There are still elevated prices in key areas.”The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June.”Our work here is far from done. I cannot underscore that enough,” Bernstein said. “The president will continue to talk about unacceptably high inflation.”INFLATION REDUCTION ACT ‘A MESS’ AFTER BILLIONAIRE TAX HIKE WAS REMOVED, A.O.C.’S CONSTITUENTS SOUND OFFWhen asked how the White House plans to tackle still 40-year-high prices, Bernstein encouraged Americans to look at the “fingerprints” of Biden’s economic initiatives.
Jared Bernstein, a member of the Council of Economic Advisers, says the Biden administration’s work tackling inflation is “far from done.”
“One of the most important declines in this report is the fall in the price of gas. It’s now about a dollar off of its peak from mid-June,” Bernstein explained. “There are many factors going into setting the global price of gas, but the release of oil from the strategic reserves is one of them.”But other price …

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