White House Council of Economic Advisers member Jared Bernstein admits consumer prices cooling in July is "no victory lap," with key areas still seeing 40-year high inflation.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June.
"Our work here is far from done. I cannot underscore that enough," Bernstein said. "The president will continue to talk about unacceptably high inflation."