A White House economic adviser conceded Sunday that inflation is “unacceptably high” but said it is being blunted by decreasing prices at the pump.
Jared Bernstein, a member of the Council of Economic Advisers, noted that rising costs have forced Americans to dip into savings that were increased during the pandemic.
“Inflation — which is unacceptably high, let’s get that clear right out of the gate — went up 1.3% in June,” Mr. Bernstein said on “Fox News Sunday.” “Again, acceptably high, half of that increase is from energy prices alone. Now since then, the price of gas has come down 50 cents a gallon.