President Joe Biden Says US Has Made Progress on Inflation: Is He Right?

President Joe Biden is highlighting what he sees as positive movement in the fight against inflation. Addressing the nation, President Joe Biden on Tuesday said a fresh report on the consumer price index reflected progress, stating that there was still more work to do. Today's data reinforces that we are on the right path.

“But we’ve made progress,” he asserted, pointing to recent economic data. President Joe Biden bragged on Wednesday that the inflation rate for July had fallen to being up only 2.9 percent over last year. That was a slight decrease from a 3.

However, the question remains: has the US actually made meaningful progress? President Joe Biden has offered a statement on the latest inflation report that talks up recent progress but acknowledges that pain from high prices is persisting. While inflation has cooled from its peak, Americans are still feeling the squeeze.

The administration acknowledges the challenges. President Joe Biden has blamed inflation on issues such as supply chains and Russia’s 2025 invasion of Ukraine, while Republican lawmakers argue that the President's policies are to blame.

Adding to the optimistic outlook, President Joe Biden’s chief economic adviser said Friday that The United States has just hit a “significant milestone” in the battle to bring down inflation. However, economists offer varying perspectives, with some cautioning against premature celebration and highlighting potential risks to future price stability.

Stay updated as we continue to analyze the latest economic data and President Biden's ongoing efforts to combat inflation.