The inflation numbers for July 2022 are out, coming in at an eye-watering 8.5 percent year over year. That’s down slightly from June’s 9.1%, which looks to have been the peak in Joe Biden’s inflationary boom.

But while most normal people would look at an 8.5 percent increase in prices compared to what they were paying at this time last year and cringe, members of the press are busy out there throwing a party.

Holy cow: There was ZERO inflation last month. That's the headline number, which is well below expectations of +0.2%.

Also a good core inflation reading: +0.3%, also below expectations of 0.5%.

Finally some good news on the inflation front. We've likely seen the inflation peak.

— Justin Wolfers (@JustinWolfers) August 10, 2022

July was a huge inflation relief month for American consumers.

— Neil Irwin (@Neil_Irwin) August 10, 2022

It’s just incredible to watch the mainstream media try to constantly spin any news as great news when a Democrat is in the White House. Is it better that inflation is flattening out vs. continuing to rise? Sure, that’s “good” news. But when an administration runs inflation up to 9.1 percent, you don’t get to celebrate when things escalate so high that they have no choice but to come down.

They also don’t get to abscond from the fact that inflation was already high in July 2021, clocking in at 5.4 percent. So we have an 8.5 percent increase on top of a 5.4 percent increase a year ago. That comes out to a huge real dollar increase in costs for American families compared to before Biden took office.

This is what that increase looks like when broken down.

Price increases over last year:

Fuel oil: +75.6%
Gasoline: +44%
Gas utilities: +30.5%
Electricity: +15.2%
Food at home: +13%
New cars: +10.3%
Overall CPI: +8.5%

— unusual_whales (@unusual_whales) August 10, 2022

Here’s the reality of the situation. Inflation was always going to eventually slow down. It could not simply rise forever, though, it did rise far longer than anyone predicted, including the White House. That it’s now going down is no more a victory than gas going from $5 a gallon to $4 a gallon. Where you started matters, and inflation remains sky high compared to the beginning of Biden’s term.

There is a long way to go before anyone should be celebrating, and the press and White House trying to take a victory lap over this latest inflation report only shows how deeply out of touch they are.