Klain on When Inflation Reduction Act Will Reduce Inflation: While Core Inflation Wasn’t What We Wanted, ‘Inflation Is Coming Down’

On Tuesday’s broadcast of MSNBC’s “The Last Word,” White House Chief of Staff Ron Klain responded to a question on when the Inflation Reduction Act will have an impact and inflation will come down by saying “though core inflation was higher than we would like to have seen today, inflation is coming down.” And gas prices have come down, as well as “the speed of inflation around food” lowering.

After Klain talked about the act and how it will lower inflation, host Lawrence O’Donnell asked, “And what is your projection on when they will see an effect in inflation, a downward effect?”

Klain responded, “Look, first of all, though core inflation was higher than we would like to have seen today, inflation is coming down. Today’s inflation report was lower than last month’s, which was lower than the month’s before. We still have some work to do, Lawrence, to continue to bring down prices. As you mentioned, gas prices are down $1.30 a gallon over the course of the summer, 91 days in a row. They continue to drop. You saw in today’s report that the speed of inflation around food is starting to ease and come down. We need to see lower prices for rents. We need to do more on housing to bring down the cost of rents and housing expenses. We need, as I said a second ago, to address medical expenses. So, we’re starting to make progress on inflation, it’s still too high, it’s unacceptably high, we need to continue to drive prices down. We’re getting there with  gasoline prices, a little progress on food, a lot more work to do.”

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