White House officials are celebrating the latest Consumer Price Index report in a bid to pressure hesitant lawmakers who are concerned about inflation to vote for the $3.5 trillion Democratic reconciliation bill.
The new report , published Tuesday by the Bureau of Labor Statistics , showed month-over-month prices increased 0.1% in August. The mark was the lowest since February of 2021 and fell short of the 0.3% increase economists projected for the month.
Inflation as measured by CPI increased 0.3% month-over-month in August—slightly below expectations and below July’s rate of 0.5%. The deceleration largely reflected a fall in car prices and also in pandemic-affected services. 1/ pic.twitter.com/amiti5QNoq
— Council of Economic Advisers (@WhiteHouseCEA) September 14, 2021
Inflation for the year remains high by recent historical standards, increasing 5.3% for all items over the past 12 months, but White House officials were adamant Tuesday’s report was evidence that President Joe Biden’s economic agenda