President Biden is cheering the latest CPI report showing that prices overall declined slightly in June from the prior month. In a statement, the president boasted, “Today’s report shows that we are making significant progress fighting inflation.” It was good news for the beleaguered White House, and for Democrats wanting to talk about something — anything — other than their diminished standard-bearer.

Left-leaning media allies joined the exuberant chorus, happy to pump up Bidenomics, if not Biden. The Washington Post’s Heather Long led the charge, giddily posting on X: “Inflation actually DECLINED -0.1 percent in June. That's the first decrease since the pandemic month of May 2020. -Gas prices declined in June -Electricity prices declined in June -Rent had its smallest monthly increase (0.2%) since August 2021.”

Despite the news, the White House would be smart to keep the cork in the champagne bottle. Yes, inflation dropped slightly month to month in June, but prices were still 3 percent higher than a year ago — far from Fed Chair Jay Powell’s 2 percent target. Also, much of the improvement came in energy prices, which were off 2 percent from June’s level, and especially gasoline, which was down 3.7 percent. That will not last.

Oil prices are up 15 percent compared to last year, while gasoline prices have hardly budged. The average retail price for regular gasoline today is $3.60 per gallon; a year ago it was $3.66. As AAA reported recently, stating the........

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