July CPI report pops Kamala Harris' celebration of inflation rates

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Fox News contributor Gary Kaltbaum breaks down inflation fears amid rising oil prices on "Your World."

Vice President Harris touted the fact that inflation dropped for 12 consecutive months shortly before Thursday's Consumer Price Index (CPI) report revealed that prices actually rose over the summer.

"Inflation has fallen 12 months in a row," Harris wrote in an Aug. 4 post on X, formerly Twitter.

Despite the Democrat's attempt to curb economic concerns as she seeks voter approval in 2024, the CPI report released Thursday showed that inflation rose 3.2% in July from the previous year.

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Vice President Harris speaks during the conclusion of the Investing in America tour at Coppin State University in Baltimore on July 14, 2023. (Saul Loeb/AFP via Getty Images)

The latest report also revealed a 0.2% increase in the price of consumer goods from June.

President Biden continues to claim that his economic policies, referred to by his administration as "Bidenomics," are cutting costs, bringing down inflation and creating new jobs – but economic experts remain concerned over the dreary state of the economy.

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"What kind of world does he think he's living in?" Forbes Media Chairman Steve Forbes told "America's Newsroom" of Biden's claims. "He says he's bringing down inflation, still twice what it was when he came into office, and those prices are not coming down, just the rate of increase is coming down. People's credit card debt, where is that? Record high."

President Biden has touted "Bidenomics" as he seeks reelection in 2024. (Jim Watson)

"It’s going to go up. I think everyone is pretty much agreed on that," Robert Frick, corporate economist at Navy Federal Credit Union, told FOX Business amid the release of July's CPI results. "The problem is it’s going to stay up for a while, maybe through this year and into next year."

"It's going to be hard to bring down," he continued. "I just want to underscore that lower-income Americans are really feeling a lot of pressure right now. We cannot think that just because inflation has stalled out that things are better."

Biden's rebranding of his economic policies has largely failed to convince the public that key aspects of the economy are significantly improving, according to a recent poll by the Monmouth University Polling Institute. (Hannah Beier/Bloomberg )

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Amid ongoing economic concerns, a Fox News poll in June found that 60% of respondents disapprove of the state of the economy under Biden.

Harris's office did not respond to Fox News Digital's request for comment.

Fox News' Aubrie Spady, Megan Henney and Elizabeth Heckman contributed to this report.