Biden WH taking credit for 'progress' on inflation isn't matching up with reality

The New York Times reported earlier that inflation appears to be “beginning to moderate”:

Breaking News: U.S. consumer prices rose 7.7% in the year through October, slower than expected and a sign that inflation is beginning to moderate.https://t.co/zdcy49iYLm

— The New York Times (@nytimes) November 10, 2022

Naturally the Biden White House, who, along with most other Democrats, contributed to worsening inflation, are now crediting those same initiatives with bringing inflation down:

Today’s inflation report shows my plan is working and folks are starting to see progress.

It's been a hard 2 years recovering from where we were in early 2021. But our economy is open, new jobs are being created, and soon my plan to reduce drug and energy costs goes into effect.

— President Biden (@POTUS) November 10, 2022

I’m kind of surprised Biden didn’t try to again claim inflation is “zero” like he did in a fit of gaslighting earlier this year.

October's consumer inflation report showed a monthly advance of 0.4% (same as Sept.) and an annual increase of 7.7 percent as energy, food, & shelter costs jumped higher again while Americans' real wages remain in the red under Bidenflation. https://t.co/GkilXkWnZI

— Spencer Brown (@itsSpencerBrown) November 10, 2022

Biden would appreciate it if everybody would believe that the slight reduction is because of the ironically-titled Inflation Reduction Act, but that’s not the case:

Across the board, the 12-month cost increases for every item broken out in the CPI report was up. Food is 10.9 percent more expensive than one year ago, energy costs were up 17.6 percent, fuel oil is up 68.5 percent, and electricity is up 14.1 percent.

As Dagen McDowell noted, the October read on inflation does show slight cooling to the red-hot price increases that surged and have remained around 40-year highs under President Biden’s “build back better” policies. But any slowing to inflation is — while Biden has continued his tax-and-spend agenda — solely due to the Federal Reserve’s interest rate hikes.

Hopefully the Republicans take control of the House (which will certainly happen) and the Senate (it’s possible) so Biden and the Democrats can do no further damage with even more wild spending.