Joe Biden: “Our Economy Had 0% Inflation in July,” Twitter Reacts

President Biden via his Press Secretary, said that they received news that inflation was 0% for July 2022.

We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.

— Karine Jean-Pierre (@PressSec) August 10, 2022

Biden's Press Secretary continued in saying real wages have gone up and passing the Inflation Reduction Act would lower several costs.

What’s more: Real wages went up for the first time in almost a year. But we know we have more work to do.

Congress should send the Inflation Reduction Act to President Biden’s desk as soon as possible, to lower health care, prescription drug, and energy costs.

— Karine Jean-Pierre (@PressSec) August 10, 2022

One user was in agreement with the President stating inflation over the last month was 0%.

Yes. But that’s not what she’s talking about. She said inflation over the last month has be O%. So it hasn’t increased in the past month. That’s good whether you like to admit it or not.

— Child of Hippies (@ChildofHippies) August 10, 2022

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Another explained further what the Press Secretary was talking about.

I believe this is what she was referring to.
“On a monthly basis, the price index did not move at all in July. That’s because fuel prices, airfares and used cars declined in price, offsetting increases in rent and food costs.”https://t.co/jItFdpISgz

— Nathan L (@maul52) August 10, 2022

Another Twitter user showed a graph for 12-month inflation.

https://t.co/uMZnHiooxn

— Jason W. (@cobalt5050) August 11, 2022

NH said there is a difference between rate and rate of change.

It’s 8.5%. You’re assuming your base doesn’t know the difference between a rate and a rate of change.

— NH (@TwoQuoque) August 10, 2022

And finally, another user stated the figure has simply lowered, not been eliminated.

No, the RATE of inflation dropped from 9.1% to 8.5%.

For the especially innumerate what this means is that the annual rate of inflation is now 8.5% which means the cost of goods and services in the month of July increased by 8.5%/12 which is not zero.

— COOP3R (@JUST_COOP3R) August 10, 2022

With the Inflation Reduction Act on it's way to becoming law the Biden administration hopes to lower inflation in the coming months.