Fmr. Obama Treasury Counselor Rattner: Without Gas Prices Falling Due to Lower Demand, Inflation Would Be about 0.5% from June

On Thursday's broadcast of MSNBC's "Morning Joe," Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, said that without declines in gas prices, "you would have had inflation at around a [0.5%] rate" and that most of the decline in gas prices is due to falling demand, such as people in the U.S. driving less.