Biden celebrates as inflation soars. With musical artist James Taylor as his opener, President Joe Biden welcomed a crowd of lawmakers, CEOs, activists, and other supporters of his administration to celebrate the passing of the Inflation Reduction Act.
Meanwhile, the Consumer Price Index (CPI) released by the Bureau of Labor Statistics Tuesday showed that while gas prices have fallen by roughly 10 percent, prices continue to rise, with inflation reaching 8.3 percent over the past year.
Grocery prices have risen by a staggering 13.5 percent in the last 12 months and housing by 6.2 percent. The cost of groceries is expected to rise by up to 11 percent this year, with the cost of beef, poultry, milk, eggs, and fruit driving the surge. Prices could shoot even higher with droughts affecting crops and a potential rail workers strike halting shipments needed for both food and crop production.
The Biden administration’s false claims: White House Press Secretary Karine Jean-Pierre inaccurately stated that "prices have been essentially flat in our country these last two months.” She emphasized that the administration’s Inflation Reduction Act will help to lower the cost of health care, prescription drugs, and energy. But in reality, it doesn’t address price increases in food or housing.
Big picture: Inflation is a top concern among Americans, and the latest CPI report shows that the Biden administration isn’t taming it.