U.S. families continue to suffer under inflation
Certified public accountant Gene Marks joins 'Fox Report' to analyze the state of the U.S. economy under President Biden.
President Biden turned heads on Wednesday with an Instagram post bragging about inflation falling 45 percent from its summer "peak" under his leadership.
The president posted a graphic to his official Instagram page on Wednesday, promoting the 45 percent fall in inflation that has been rampant under his watch since its peak last summer.
"Good news," the graphic of Biden in aviator sunglasses reads. "Inflation has fallen by 45% since its summer peak under President Biden."
Users online were quick to jump on the president’s post, with financial account Litquidity quipping, "lmao" — meaning "laughing my a-- off."
The account Adam Neumanns Chief of Staff said it was inflation "growth rate" that dropped 45 percent.
"My guy wants the Medal of Honor for putting a bandaid on a gunshot wound," they wrote.
Special Situations Research Newsletter joked that Biden’s sunglasses "are to shield his eyes from the inflation."
Inflation fell to five percent in March, but core prices remained high.
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The U.S. Department of Labor said Wednesday that the Consumer Price Index, a broad measure of the price for everyday costs including gasoline, groceries and rents, rose 0.1% in March from the previous month, down from 0.4% in February. Prices climbed 5% on an annual basis, down sharply from February's 6% increase and the smallest rise in nearly two years.
Those figures were both lower than forecasts by Refinitiv economists.
Still, inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices.
Fox News Digital's Megan Henney contributed reporting.
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