Why the drop in March inflation isn’t quite the ‘progress’ touted by Biden

By Joseph Lawler

Published April 12, 2023 7:50pm ET

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Why the drop in March inflation isn’t quite the ‘progress’ touted by Biden — FILE - In this Friday, July 12, 2013, file photo, shoppers peruse the aisles at a Wal-Mart in Bristol, Pa. Americans increased their spending at an annual rate of just 1.8 percent in the April-June quarter, down from a 2.3 percent rate in the January-March period. Consumer spending is expected to improve in the second half of the year. But most economists foresee only a slight acceleration to an annual rate of 2 percent to 2.5 percent. (AP Photo/Matt Rourke, File) | Matt Rourke

The drop in headline inflation in March is not quite the good news that it might seem at first glance.

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Federal Reserve Inflation