[url=https://www.theguardian.com/us-news/live/2022/aug/10/trump-testify-investigation-business-inflation-biden-veterans-toxins-latest-updates?page=with:block-62f3c5508f08181373da5be8#block-62f3c5508f08181373da5be8](The Guardian)[/url] [b]Biden hails July's 'zero' inflation, calls it proof economic plan is on track[/b]
Following the release of data showing inflation flatlining in July, Joe Biden said the figures were a sign that the world’s largest economy was healthy and poised to see prices moderate in the months to come.
“I just want to say a number: zero”, Biden said at the start of a White House ceremony to sign a bill assisting military veterans who were exposed to harmful chemicals.
The Bureau of Labor Statistics reported that inflation in July was flat compared to June, but over the past 12 months, it had risen by a rapid 8.5%. That was lower than the month prior, and the data seemed to indicate the price increase wave may have passed its peak. Inflation began ticking up last year as the rollout of Covid-19 vaccines sparked an economic reopening, and was exacerbated by factors including the Federal Reserve’s low interest rate policies, Russia’s invasion of Ukraine and instability in global oil markets that caused gas prices to spike in the United States.
The inflation data followed Friday’s surprisingly good hiring numbers for July, which showed the unemployment rate returning to where it was before the pandemic struck.
“We’re seeing a stronger labor market where jobs are booming and Americans are working and we’re seeing some signs that inflation may be getting to moderate” Biden said. “That’s what happens when you build an economy from the bottom up and the middle out. The wealthy do very well and everyone has a chance. It gives everyone a chance to make progress.”
