On Wednesday’s broadcast of CNBC’s “Squawk on the Street,” White House National Economic Council Deputy Director Bharat Ramamurti stated that the April CPI report that showed core and overall inflation increasing and the monthly rate of overall inflation increasing from March shows an economic picture of “declining inflation” and that “we’re clearly making progress and getting closer and closer each month.”
Ramamurti said, “Well, we’re clearly making progress and getting closer and closer each month. This is the tenth straight month, on an annual basis, where inflation has come down. It’s down about 45% compared to last year. At the same time, we’re continuing to see wage gains, so that, over the last ten months or so, real wages — wages adjusted for inflation — are going up. And of course, over that time period, we’ve also gained millions of jobs. So, overall, the economic picture is declining inflation, job growth continuing to go up, and wage growth continuing to go up, which I think is a really good picture.”
The April CPI showed a 0.4% month-over-month increase in core and overall inflation in April. March’s CPI showed a 0.1% month-over-month increase in overall inflation and a 0.4% month-over-month increase in core inflation in March.
April’s CPI also showed a 4.9% yearly inflation rate and a 5.5% yearly core inflation rate, while March’s CPI showed an annual inflation rate of 5% and annual core inflation at 5.6%.
Follow Ian Hanchett on Twitter @IanHanchett
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