Kevin Hassett: “Top line inflation is at 1% because food prices and gasoline prices are dropping faster than everything else.”

“If we look at the three month moving average of the PC data that came this week, that core inflation is running now at 2% which is the Fed's target. And Top line inflation is at 1% because food prices and gasoline prices are dropping faster than everything else. And so we're making progress. But in the end, the way that we make up the Biden inflation for folks is we give them income growth and the income growth is coming.” (00:26–00:32)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.