CNN business reporter Matt Egan on Wednesday highlighted how inflation has slowed under President Donald Trump’s administration after the acceleration of the final months of former President Joe Biden’s tenure.
Inflation slowed in February as the Consumer Price Index (CPI), a measure of daily product price, rose 2.8%. According to To the Bureau of Labor Statistics (BLS) report released on Wednesday. Egan from “CNN News Central” said this statistics and a monthly increase of 0.2%, showing a notable change from the accelerated inflation in the last four months of the previous Biden administration. (Related: Biden-Harris administrators have accumulated nearly $1,780,000,000,000,000 in American regulatory costs so far.)
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“Finally, we have some good news about the economy, and there’s the cost of living, which is really the number one problem for many Americans,” Egan said. “So we learned that consumer prices in February would increase by 2.8% year-on-year and 0.2% month-on-month. Both of these numbers were a step in the right direction, and both were better than expected.”
“So this is definitely very encouraging as this relieves the fear that inflation is probably re-accelerating as it actually breaks its fourth consecutive month of winning streak. Was the inflation going the wrong direction?” he continued. “It was getting more and more expensive. Finally, we’re watching it get soaked. We haven’t returned to the 2% target, but it’s nice to see it’s getting cool here.”
Egan also said the egg prices rose 10.4% per month, according to BLS.
“But believe it or not, this is also an improvement as we saw a 15% increase in monsters,” he said. “And also, some of the numbers that have come out of USDA recently. [U.S. Department of Agriculture] For wholesale, egg prices have shown improvements as there is less inflammatory bird flu and less demand. ”
The business reporter also said there was a “big asterisk” in the report because it didn’t fully explain Trump’s tariffs.
“This is the inflation report for February. Yes, China’s first 10% tariffs are included, but China’s 20% tariffs are not included. It’s not just that car rates, steel and aluminum tariffs have come into effect, rather than Canada and Mexico’s limited 25% tariffs. “So the question is: Will all of these tariffs shorten the improvement in inflation and perhaps make prices even higher?”
Inflation peaked at 9% under Biden in June 2022, rising from 1.4% in January 2021 when he was launched. Trump frequently discussed the importance of strengthening the economy during his 2024 campaign against former vice president Kamala Harris. (Related: After 4 years of raw under the rock, Dem suddenly reappears and complains about the high price)
Trump implemented a 25% tariff on Mexico and Canada on March 4 with a 20% tariff on China on March 4, due to the state’s role in allowing illegal immigrants and fentanyl to enter the United States. However, the president later announced on Thursday’s True Social that he would delay tariffs on Mexican imports for about a month post.
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