While speaking with Bloomberg on Thursday, Deputy Treasury Secretary Wally Adeyemo discussed the July CPI report where headline inflation and core inflation grew by 0.2% in the month, the same rate as the month before and the annual rate increased from 3.0% to 3.2% while annual core inflation dropped from 4.8% in June to 4.7% and said that we’ve seen “prices come down,” and “inflation keeps coming down” from the 9% headline numbers we had a year ago.
Adeyemo said, “I think you’re right to call out that we’re on a downward trajectory. And it’s important to remember where we were just a year ago. If we were talking a year ago, we’d have been talking about headline numbers at 9%. And we’ve brought things — inflation’s come down significantly since then. We expect it to continue to come down. And the thing the president’s made very clear is that he wants to continue to see prices come down, and, while we’re doing that, to continue to see us creating jobs, and that’s exactly what we’ve done over the course of the last year. Over the last few weeks, I’ve been talking to CEOs throughout the economy and what they’re telling me is that they’re looking to make investments in America, because they’re seeing the data move in the right direction. The economy continues to grow and inflation keeps coming down and we expect that trend to continue for the foreseeable future.”
He added, “I expect that we’ll see the same trend that we’re seeing today, which is that inflation will keep coming down and we’ll have a robust labor market and a strong economy in the United States.”
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