White House: CPI Showing Monthly Inflation Rate Accelerating, Core Increase Continuing Shows 'Declining Inflation'

On Wednesday's broadcast of CNBC's "Squawk on the Street," White House National Economic Council Deputy Director Bharat Ramamurti stated that the April CPI report that showed core and overall inflation increasing and the monthly rate of overall inflation increasing from March shows an economic picture of "declining inflation" and that "we're clearly making progress and getting closer and closer each month."