President Joe Biden recently got some good economic news: the 12th straight month of declining inflation and the second straight month in which wages outpaced consumer prices. But wages have a long way to catch up after being eroded by past inflation.
. So, Biden took a victory lap when the data came out July 12 showing that inflation has continued to drop.In June 2023, the closely watched consumer price index — a basket of consumer goods for which the government tracks prices monthly — notched its smallest increase in a year. The June 2023 rate rose 3% from a year earlier, far below its 9% peak a year ago.
Rather, it’s still higher than the Federal Reserve’s target rate of 2%, which means the Fed could keep raising interest rates to bring inflation down further. Although higher interest rates would likely cool inflation further, it could also hasten a recession and raise mortgage and credit card costs for borrowers.In his statement, Biden said inflation-adjusted wages"for the average American worker are now higher than they were before the pandemic.
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