President Joe Biden misleadingly claimed Friday that inflation had gone down if you did not count food and gas, even though overall inflation went up.
“Inflation outside of energy and food, what the economists call core inflation, moderated the last two months,” Biden said. “Not enough, but it moderated, it’s come down and we need it to come down much more quickly.”
Biden reacted to the new consumer price index numbers for the month of May released on Friday morning in a speech at the Port of Los Angeles.
But month-to-month core inflation in May was actually at 0.6 percent, the same percentage as it was in April.
Biden’s team cited the unchanged month-to-month numbers as a sign that core inflation was “moderating” but not down.