It's actually 8.5%, his economy is in the shitter and people are suffering. He's a modern-day Marie Antoinette, so out of touch because nothing impacts him (he's also doolally out of touch and probably thinks it's still 1962).
Q: Where are all the fact checkers for this WHOPPER of mis-information!
It's been fact checked all over the place. He was referencing net inflation for the month of July. Not the total inflation compared to last year this time.