Biden catches a break on inflation
Things are looking up. Today began with some very good economic news in Washington: Labor Department data shows inflation falling to a two-year low. The consumer price index rose 3 percent in the twelve months to June. That is a steep fall from the 9.1 percent price rise in the twelve months to June 2022, and perhaps the clearest sign yet that the US is on course to tame inflation while avoiding a recession — the soft landing that Joe Biden, Jay Powell and every other policymaker in Washington has been praying for. Core consumer prices increased by 0.2 percent in June, the smallest single-month increase since August 2021 and an indicator that the pressure on prices is easing.
