Biden Proven Wrong on Inflation (Again): Oil Prices Are Down but CPI Hasn't Fallen

Click here to read the original Cautious Optimism Facebook post with comments

West Texas Intermediate oil prices closed yesterday at $82.94, down 33% from the June 13th high of $123.68.

Three months ago the Biden administration blamed higher oil prices and ExxonMobil for 40-year record price inflation (see link).

http://www.cautiouseconomics.com/2022/06/government-budget05.html

Well now oil prices are down 33%, so according to Biden the national general price index should have fallen precipitously too. 

So the Cautious Optimism Correspondent for Economic Affairs would like to pose a question: 

Q. Are nationwide consumer prices down by even 1% since June? 

For that matter, the last time WTI oil traded at $82.94 was in January 2022. 

OK, we're back down to $82.94 again, so CPI should have fallen back to January levels (according to Biden).

Has anyone in CO Nation seen the general price level for all goods and services fall back to January 2022 levels? Please chime in if you have (or haven't).

Higher oil prices don't drive inflation.

“Inflation... ...trade unions don’t produce it, foreign sheiks don’t produce it, oil imports don’t produce it... ...what produces it is too much government spending and too much creation of money.”

-Milton Friedman