Food Index increases 10.9% over last year, the largest 12-month increase since May 1979
WASHINGTON, D.C. (Texas Insider Report) — During a legistive bill signing ceremony at the White House this morning – after the U.S. Bureau of Labor Statistics reported that Consumer Prices jumped 8.5% over the last 12 months, down from its 9.1% increase the previous month – President Joe Biden stated:
"I want to say a word about news that came out today relative to the economy. Actually, I just want to say a number: Zero.
"Today we received news that our economy had 0% inflation in the month of July."
"Today we received news that our economy had 0% inflation in the month of July."
The government's official statical report released early Wednesday morning said the July Consumer Price Index (CPI) rose 8.5% when compared to July a year ago, which is below the 9.1% year-over-year surge recorded in June, and 0.2% lower than the 8.7% CPI rate recorded in May.
- The Overall Food Index increased 10.9% over the last year, the largest 12-month increase since the period ending May 1979.
- The Food at home Index increased 13.1% over the last year.
The Overall Energy Index increased 32.9% for the 12 months ending July – a smaller increase than the 41.6% increase for the period ending June – despite the Gasoline Index falling 7.7% from June to July.
- The Electricity Index increased 15.2%, while the Utility Index increased 30.5%.
- The indexes for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were also among thse itemsthat increased over the month.
Senator Tim Scott (R-SC,) responded by correcting Biden, tweeting,
"The price of food is up 10.9% from this time last year – another 40+ year high.
"President Biden can try to spin it however he wants, but the American people know that today’s inflation report is bad news."
"President Biden can try to spin it however he wants, but the American people know that today’s inflation report is bad news."
And Sen. Ted Cruz (R-TX,) tweeted,
"Gas is up 44% from last year. Electricity is up 15.2% from last year.
"Food is the most expensive since 1979.
"The Biden White House is living in a fairytale while Americans are living in a nightmare."
"Food is the most expensive since 1979.
"The Biden White House is living in a fairytale while Americans are living in a nightmare."
While inflation's escaltion in July remains almost as bad as it has been all summer – having slowed marginally in July for the first time in months – it’s not "zero" as state by Mr. Biden.The reaction on Twitter was widespread, and quick to point out that inflation was still near record highs – even accusing Mr. Biden and his the White House messangers of "lying to everyone" intentionally.
Incredulous, Wall Street Journal film critic Kyle Smith tweeted, "Not a slip of the tongue either, he actually meant to say this."
"New Leftist math: 8.5% inflation in July in fact equals 0%. I mean, why not? Let’s redefine woman, recession while we’re at... Oh wait, they already did that. Maybe they could change the definition of gravity and then jump out of a plane??" tweeted American Greatness Senior Fellow Ned Ryun of Biden’s spin, listing it among the other major mis-definitions the Biden White House has done regarding other issues.
Republican communications official Matt Whitlock slammed Biden’s assessment, tweeting,
"New Leftist math: 8.5% inflation in July in fact equals 0%. I mean, why not? Let’s redefine woman, recession while we’re at... Oh wait, they already did that. Maybe they could change the definition of gravity and then jump out of a plane??" tweeted American Greatness Senior Fellow Ned Ryun of Biden’s spin, listing it among the other major mis-definitions the Biden White House has done regarding other issues.
Republican communications official Matt Whitlock slammed Biden’s assessment, tweeting,
"Highest food prices since Jimmy Carter, and the White House is trying to convince people inflation is 0%. They're not just going to get crushed in November for failing. They're going to get crushed for lying to everyone and saying it's all fine."
ACT for America founder Brigitte Gabriel accused Biden of "lying" from the podium, stating,
"Joe Biden is lying again. Inflation is not at 0% in July, it's at 8.5%. Where are the fact checkers to call out this disinformation?"
From her official White House Press Secretary Twitter account, Karine Jean-Pierre spun the CPI report in the exact same way as her boss, President Biden, tweeting, "We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped."
Washington Times columnist Tim Young showed no mercy for Jean-Pierre, responding with "FACT CHECK: TOTAL F----- LIE."Former Daily Wire commentator Beth Baumann responded,
"0% inflation? Tell that to every single family struggling to put food on the table, gas in their cars to get to work, and keep a roof over their heads.
"This is one of the most out-of-touch, elitist statements I've ever heard."
"This is one of the most out-of-touch, elitist statements I've ever heard."
CBS sportscaster Jay Feely responded to Jean-Pierre’s post with a photo of a Wall Street Journal headline, which reported, "U.S. inflation was 8.5% in July, holding close to its highest annual rate in four decades despite easing energy costs."
There were some indexes that declined in July, including those for airline fares, used cars and trucks, communication, and apparel.
The official government release states that the "All Items Index" reported by the U.S. Bureau of Labor Statistics' Consumer Prices Index increased 8.5% for the 12 months ending July, a slightly smaller figure than the 40+ year high of 9.1% increase for the period ending June.
