Dr. Rakeen Mabud Reacts to June CPI Report

July 12, 2023

Dr. Rakeen Mabud Reacts to June CPI Report

Today, the Bureau of Labor Statistics (BLS) released its Consumer Price Index Report which showed inflation reached its lowest year-over-year level since March 2021.

Groundwork’s Chief Economist Rakeen Mabud reacted to today’s inflation report with the following statement:

“The Federal Reserve operates on a false premise that we have to sacrifice workers in the name of bringing down inflation. That has proven not to be the case. Inflation is coming down while our economy remains strong.

“But two months of rising Black unemployment foreshadows disastrous consequences for our labor market if Chair Powell resumes rate hikes this month. The Fed should stand down before it causes any further damage to our economy.”

Email press@groundworkcollaborative.org to speak with Dr. Mabud about today’s CPI report and what it tells us about inflation and the state of our economy.