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Has inflation dropped to 3% as of mid-2023?

By Tom Kertscher
YES

The Consumer Price Index rose 3.2% in July 2023 compared with a year earlier, according to the latest figures from the U.S. Bureau of Labor Statistics.

The year-over-year increase was 3% in June.

A TV ad for President Joe Biden’s 2024 re-election campaign touts that figure.

The ad is scheduled to air in the battleground states of Wisconsin, Michigan, Georgia, Arizona, Pennsylvania, Nevada and Iowa during the first game of the NFL season on Sept. 7, Axios reported.

Republican presidential candidates criticized Biden for inflation during their first debate, Aug. 23 in Milwaukee.

Inflation trended upward after Biden took office in January 2021 before hitting a peak in June 2022. That month’s 9.1% year-over-year increase was a four-decade high.

This fact brief is responsive to conversations such as this one.
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Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
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