President Joe Biden this week touted what he called a major drop in inflation, saying prices had fallen more than 60%. Those comments come on the heels of more federal data showing prices are on the rise, raising the question: Has inflation really fallen or is something else going on? The U.S. Bureau of Labor Statistics released its Consumer Price Index, a key marker of inflation that has spiked recently. BLS found the CPI rose another 0.4% last month, part of a 3.5% increase over the previous twelve months. Soon after that data was released, Biden released a statement boasting of a drop in inflation.
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