Biden cheers cooling inflation ahead of key Fed interest rate decision

• President Joe Biden took a victory lap on the latest inflation report, which showed prices cooling.
• Biden also took the opportunity to attack the economic proposals of his likely November election opponent, Donald Trump.
• Consumer prices remained unchanged in May, marking the first time since July 2022 that prices have not risen month over month.

President Joe Biden on Wednesday took a victory lap on the latest inflation report, which found that consumer prices did not rise in May over their April levels, marking the first time since 2022 that U.S. month over month inflation has remained flat.

"Prices are still too high, but today's report shows welcome progress on lowering inflation," Biden said in a statement.

The other good news for consumers from the federal Bureau of Labor Statistics report was that the annual rate of inflation fell to 3.3% in May, down from 3.4% in April and 3.5% in March.

The numbers also came in cooler than economists had expected, with those surveyed by Dow Jones having predicted a 0.1% increase in prices and a 3.4% annual rate of inflation.

"Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years," said Biden.

"I know many families are feeling squeezed by the cost of living, which is still too high," he added.

Five months out from the November election, the cooling inflation data is good news for Biden as he mounts a reelection campaign built on the argument that his administration has revived the economy from the chaos wrought by the pandemic.

Last Friday, Biden also patted himself on the back for a blockbuster jobs report, which showed that the U.S. economy added 272,000 jobs in May, well above the Dow Jones forecast of 190,000.

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