Biden gets community noted on saying Inflation was 0% last month

Biden said:

Inflation was 0% last month – and our economy grew by more than 5% last quarter.

Bidenomics.

The community note said:

Tweet is referring to the PCE index, % change from the preceding month. Inflation is normally assessed annually (12 months) however, & the Fed’s PCE goal is 2%. It is currently 3%

A more commonly referenced inflation index is CPI, which shows annual inflation of 3.2%

Meanwhile, The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. Both were below Wall Street estimates, sparking a major rally on Wall Street.

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Excluding volatile food and energy prices, the core CPI rose 0.2% and 4%, against the forecast of 0.3% and 4.1%. The annual rate was the smallest increase since September 2021.

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