President Joe Biden on Wednesday said in a statement that while a “headline inflation reading is unacceptably high, it is also out-of-date,” as he reacted to a report showing a year-over-year rise of 9.1% for the consumer price index in June. “Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” Biden said. White House officials had made a similar point on Tuesday, as they said June CPI data “will largely not reflect the substantial declines in gas prices we’ve seen since the middle of June,” because that data “captures the average price over the course of a month.”
