“I’m telling the American people that we’re going to get control of inflation,” Biden said in an interview with CBS’s “60 Minutes” that aired on Sunday night.
In June, the CPI reached 9.1% year over year, the highest inflation rate in more than four decades.
[The] inflation rate month-to-month was just an inch, hardly at all,” he said in the interview.
While declining energy prices have helped to lower the overall inflation rate, price increases for food and shelter remain stubbornly high.
Still, key contributing and detracting factors of inflation remain largely beyond the control of Biden, and even the Fed.