Dr. Rakeen Mabud Reacts to July CPI Report

August 10, 2023

Dr. Rakeen Mabud Reacts to July CPI Report

Today, the Bureau of Labor Statistics (BLS) released its Consumer Price Index Report, which shows year-over-year headline inflation at 3.2%, a slight uptick from last month’s low of 3.0%, but a dramatic drop from last summer’s 9.1% peak.

Groundwork’s Chief Economist Rakeen Mabud reacted to today’s CPI numbers with the following statement:

“Inflation in July is dramatically lower than it was last summer, as pandemic-induced shocks and corporate profiteering continue to abate.

“The Fed’s dangerous commitment to getting inflation down to 2% through additional rate hikes, with no regard for the livelihoods of millions of workers, risks destroying our economy’s delicate balance of low inflation, low unemployment and higher wages. It’s time to end these rate hikes for good.”

Email press@groundworkcollaborative.org to speak with Dr. Mabud about today’s CPI report and how it could affect the Federal Reserve’s interest rate decisions.

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