 President Biden said today in a statement that significant progress has been made on inflation. It's a reaction to the latest government numbers. The report indicates consumer prices fell a bit in June from the month before and were up 3% from a year ago. CBS News business analyst Jill Schlesinger. This is a report that is good for the Federal Reserve. It shows that price increases are slowing down, that we are moving towards the Fed's 2% interest rate target.