Has inflation dropped to 3% as of mid-2023?
By Tom Kertscher
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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.
Sources
US Bureau of Labor Statistics Consumer Price Index News Release Aug. 10, 2023
US Bureau of Labor Statistics Consumer Price Index News Release July 12, 2023
Joe Biden Got to Work 30s
US Bureau of Labor Statistics 12-month percentage change, Consumer Price Index, selected categories
US Bureau of Labor Statistics Consumer Price Index News Release July 13, 2022
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