President Joe Biden said June inflation figures were "unacceptably high" but also said they were "out of date," given the recent drop in gasoline prices.
"Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June," Biden said in a statement.
"Those savings are providing important breathing room for American families," continued the statement, issued about one hour after the Labor Department’s report on consumer prices.
The consumer price index rose 9.1% from a year earlier, according to new Labor Department data. The spike, which exceeded predictions, is the largest increase since the end of 1981.
Biden's statement also noted that core inflation, which excludes food and energy, appears to be moderating.
“Importantly, today’s report shows that what economists call annual ‘core inflation’ came down for the third month in a row, and is the first month since last year where the annual ‘core’ inflation rate is below six percent,” his statement said.
But June data showed that the core measure of CPI increased by 0.7% from May, the biggest monthly gain in a year, Bloomberg News reports.
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