Washington: The Treasury Department said that inflation "remained above the target of 2 percent in the third quarter," even as President Donald Trump and administration officials continue to assert that there is "no inflation."
Speaking on CBS News' "60 Minutes" on Sunday, Trump said, "We have no inflation, we have no inflation.” Trump claimed that he had "already taken care of" inflation, calling 2 percent "the perfect inflation."
Inflation came in at 3 percent on an annual basis in September, according to the Bureau of Labor Statistics. "Food prices for both groceries (food at home) and food services (food away from home) increased moderately in the third quarter," Treasury said in a new "Economy Statement."
The statement is a regular economic update prepared for the Treasury’s Borrowing Advisory Committee. The committee consists of nonpartisan bond market executives from firms such as Citigroup, Pimco, JPMorgan and BlackRock, and provides input to the Treasury on government debt and financing issues.
Overall, the Treasury Department said that "economic growth solidified in the third quarter with steady business investment and consumer demand.” The third quarter is considered the three-month period from July 1 to September 30.
