Obama camp calls economic news ‘shocking’

Jason FurmanJason FurmanOn The Money: Five things to know about the August jobs report Dates — and developments — to watch as we enter the home stretch In surprise, unemployment rate falls, economy adds jobs MORE, economic policy director for Democratic presidential candidate Sen. Barack ObamaBarack Hussein ObamaObama warns of a 'decade of unfair, partisan gerrymandering' in call to look at down-ballot races Quinnipiac polls show Trump leading Biden in Texas, deadlocked race in Ohio Poll: Trump opens up 6-point lead over Biden in Iowa MORE (Ill.), called Thursday’s inflation figures “truly shocking.”

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A Labor Department report released earlier in the day showed that consumer prices are surging and inflation is at a 17-year high. The consumer price index for July was 5.6 percent higher than a year ago.

The Obama campaign, which has sought to convince voters that an election of Sen. John McCainJohn Sidney McCainAnalysis: Biden victory, Democratic sweep would bring biggest boost to economy The Memo: Trump's strengths complicate election picture Mark Kelly: Arizona Senate race winner should be sworn in 'promptly' MORE (R-Ariz.) would equal a continuation of President Bush’s policy, seized on the latest inflation figures.

“America cannot afford four more years of a policy that puts tax cuts for the wealthy and corporations ahead of the real change America’s middle-class families need,” Furman said. “Families have now lost an entire decade’s worth of raises to inflation as weekly earnings adjusted for inflation lie below the level they reached in August 1998.”

The campaign official also touted Obama’s plan to provide American families with a $1,000 rebate to help them pay for the booming costs of food and gasoline.