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CNBC's senior market correspondent Dominic Chu said on Wednesday he was on MSNBC's "Morning Joe" and inJuly he saw the latest inflation rise 8.5% from last year. We talked about numbers.
"I can't say 'happy days are back', but it could get worse. It could get worse. Petrol prices are falling." "It went down a bit. It's less than expected. How good is this, is this good? How can you say 8.5% inflation is good news? Really?" asked host Joe Scarborough. I was.
"No," Chu said. “Even if we exclude the so-called core consumer price index, which excludes food and energy, it is still up 5.9%. You know the old saying: A thousand miles starts with a step, and that’s why economists and many This is why Wall Street pundits are focusing on this particular inflation.”
Chu went on to say, Because there are still people who can't say for sure, because things have gotten so bad, is this a sign that things are starting to get worse? If the ratio doesn't go anywhere, could that be the beginning of what we're seeing...here?"
People shop at a supermarket as rising inflation impacts consumer prices June 13, 2022 in Los Angeles, California, USA. REUTERS/Lucy Nicholson
Prices seemed to cool slightly in July after last year he rose 9.1% in June. Gasoline prices have fallen in recent weeks, but the July figure remains close to his 40-year high. From June he did not go up or down for a month until July.
“Many of the headline declines we have seen regarding the overall dynamics of inflation are related to fuel prices. Food is still up in many parts, up slightly from last month.The most important thing economists weigh in this report is shelter costs, including rent and housing.
President Biden said in December that inflation was " It has reached its peak,” he said.
Chu also said financial markets were "starting to look less likely for a more aggressive Fed rate hike" as these numbers showed signs of a potential peak. rice field.
Media highlight Biden's 'hot streak' after successful anti-inflationary measures: 'Turning point?'
CNBC senior market correspondent Dominic Chu told MSNBC on Wednesday: Morning Joe" and talked about inflation. (Screenshot/MSNBC/MorningJoe)
Biden and White House Press Secretary Carine Jean-Pierre broke news of inflation after the report was released. “Today our economy received the news that July inflation was 0%.0%. Prices of other things have fallen by the same amount, Biden said before making White House remarks on the PACT bill."Last month inflation was zero," he stressed. .
Jean-Pierre said something very similar on Twitter.
President Biden He signed two bills into fraud in his COVID-19 Small Business Relief Program at the White House in Washington on Friday, Aug. 5, 2022. (AP Photo/Evan Vucci, Poole)
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"I received the news that the economy had 0% inflation in July. And the prices of petrol, clothing and other things went up, and more fell," she wrote.
She also called on Congress to send anti-inflation legislation to Biden's desk in a follow-up tweet.
Hanna Panreck is Deputy Editor of Fox News.
