"The president and my vision for the future further means lowering costs for Americans," Harris stated. "Today, we learned that our economy had 0 percent inflation last month."
While it is correct that inflation overall did not increase from the month prior, federal Consumer Price Index data revealed that in the 12 months ending in July, inflation is at 8.5 percent.
The Vice President said, "In July, we saw a drop in gas prices and a range of other goods, like clothing and airfares and household appliances, which means more money in the pockets of working families."
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While gasoline dropped 7.7 percent over the month before, it's still up 44 percent compared to last July. Food, on the other hand, increased by 1.1 percent and 10.9 percent compared to last July, marking the largest 12-month increase since the period ending May 1979.
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Apparel went down 0.1 percent compared to June, yet is still up 5.1 percent compared to last July. Airline fares plunged 7.8 percent in July but is up 27.7 percent from last year.
Harris further parroted the allegations on Twitter and wrote, "The data shows our economy had 0 percent inflation in July. We have more work to do, but @POTUS and I are clear: we're building an economy that works for all Americans."
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President Joe Biden echoed the comment on Wednesday when he too announced that there was zero percent inflation in July.
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"Today, we received news that our economy had 0 percent inflation in July, 0 percent," Biden stated. "Here's what that means: while the price of some things goes up. It went up last month, and the price of other things went down by the same amount. The result? Zero inflation last month."
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The American economy is undergoing consistently high inflation, a supply chain crisis, and a recession. On August 7, Harris cast the tie-breaking vote to pass the "Inflation Reduction Act," which the Congressional Budget Office declared would not lower inflation in any meaningful way in the upcoming years.
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"Combined with the fact that our nation created more than half a million jobs last month," Harris praised, "It is clear that our nation is making progress."
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In May 2021, Biden was faced with a slower return to employment as expected, set against the backdrop that the country has paid most citizens to remain home through acts like the American Rescue Plan and various Covid stimulus payments. The slow job growth continued through the fall of 2021 and began to rebound in 2022, where reports further usually fell short of forecasts.
The August 5 jobs report revealed that the Biden administration returned employment to pre-covid levels.
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