Today, the Bureau of Labor Statistics released the Consumer Price Index for July, showing that headline inflation was at 2.7 percent in July, but core inflation rose to 3.1 percent. In response, Natalie Baker, director of economic analysis at the Center for American Progress, issued the following statement:
The consistent upward trend in inflation is the latest sign that President Trump’s reckless trade war and the resulting economic uncertainty are wreaking havoc on family budgets and the American economy. Combined with the lackluster jobs report and recent GDP numbers, this is a clear warning sign that the president’s policies are raising prices and squeezing consumers. It’s a chilling reminder that the risk of stagflation is growing by the day.
This content originally appeared on Common Dreams and was authored by Newswire Editor.