Fmr. Obama Econ. Adviser Furman: ‘Very Few’ Things You Can Say to ‘Ignore’ June Inflation, Increases Were ‘Spread Throughout’ Core Inflation

On Wednesday’s broadcast of CNN International’s “First Move,” Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School Jason Furman, who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton, stated that while the data in the June CPI report doesn’t capture recent declines in the price of gas, it also shows a “big acceleration in core inflation with just increases spread throughout,” and that there are “very few special stories you can tell to ignore today’s number.”

Host Julia Chatterley said, “Ouch is all I can say. It’s a horrible data release.”

Furman responded, “Absolutely. Look, I was prepared for an outdated increase in gasoline prices because the numbers don’t capture the recent declines. I was not prepared for the big acceleration in core inflation with just increases spread throughout, very few special stories you can tell to ignore today’s number.”

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