The White House on the 13th (local time) welcomed January's consumer price increase coming in lower than expected, saying it was a result of President Donald Trump's economic policies.
In a press release that day, the White House said, "The consumer price index (CPI) report coming in below expectations shows that President Trump has overcome the Biden administration's inflation crisis."
According to the Labor Department, January CPI rose 2.4% from a year earlier, the lowest increase since May last year. Core CPI, which excludes energy and food, rose 2.5%, the lowest level in 4 years and 10 months since March 2021.
The White House argued that "America First policies are containing inflation without price spikes from tariff." It also emphasized that wage growth is outpacing price increases and that prices for some major items have fallen.
The White House said the real average hourly earnings of private institutional sector workers in January rose 1.2% from a year earlier, and increased 1.5% for middle- and low-income earners.
The White House said, "In President Trump's first year in office, private institutional sector workers' real income exceeded inflation by about $1,400," adding, "Some of the decline during the Biden administration has been recovered." It added that prices of beef and eggs, coffee, gasoline, used cars, and prescription drugs have fallen.