PRESS REPORT: STATEMENT: CPI REPORT SHOWS ZERO INFLATION LAST MONTH
FOR IMMEDIATE RELEASE
August 10, 2022
Jack Miller, Communications Director
STATEMENT: CPI REPORT SHOWS ZERO INFLATION LAST MONTH
Economy Remains Strong While Inflation Headed Downward
WASHINGTON, D.C. — Today’s Consumer Price Index (CPI) report showed that prices did not increase from June to July. On a month-by-month basis, the report shows that there was overall zero inflationary pressure last month. Decreases in airfare (-8%), hotel rooms (-2.7%), and used car prices (-0.4%) helped bring overall inflation to zero.
Invest in America’s senior adviser Zac Petkanas issued the following statement in response to the CPI report:
“This CPI report is great news. While Congress works to pass the Inflation Reduction Act and lower prices for millions of Americans, prices for key goods are dropping. With nearly 10 million new jobs added under President Biden and unemployment at its lowest level in over 50 years, the economy is in strong condition.
“It is crystal clear that President Biden’s economic agenda is working. But we cannot rest now. Congress should swiftly send the Inflation Reduction Act to President Biden’s desk to lower costs for families still struggling with higher prices.”
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.