Politics

CNN, Axios Reporter See Positives In July Inflation Number Despite 8.5 Percent Annual Spike

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CNN and an Axios economics correspondent came under fire Wednesday for respectively suggesting that inflation “took a breather” in July and that it was a “huge relief” for Americans despite rising 8.5% from last year.

While it was a decrease from the 9.1% headline inflation number in June, prices still remain historically high compared to a year ago. “US inflation took a breather in July, thanks to the falling cost of food and gas, as consumer prices grew at a slower pace than in previous months,” CNN’s tweet said.

The story’s headline also said that consumer prices “took a breather” in July, and it was “fueling hopes” that inflation hit its peak.

While the price of gasoline came down, likely having the biggest impact on the headline inflation number, other prices continued to climb.

The food index rose 1.1%, making the 12-month increase 10.9%, which is the highest since May 1979.

Executive Editor for NewsBusters Tim Graham said the characterization by CNN was “embarrassing.”

The Twitter account for the House Republican Policy Committee also slammed the tweet. “Breather?” they wrote, adding that American families “are still seeing near record high for food and energy.”

Ted Cruz aide Steve Guest called out the outlet for “celebrating 8.5% inflation.” He included a screenshot of a push notification from CNN, which used the same language as the tweet…. (Read more)

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