WASHINGTON (TND) — Both the White House and President Joe Biden touted his administration’s claimed success in limiting inflation on Wednesday, insisting reports showed the economy “had zero percent inflation in the month of July.”

“We just received news that our economy had 0% inflation in July,” White House Press Secretary Karine Jean-Pierre reiterated in a tweet Wednesday. “While the price of some things went up, the price of others, like gas, clothing, and more, dropped.”

Even a Wednesday headline from Axios asserted, “Inflation drops to zero in July due to falling gas prices.”

But both of those declarations could be misleading, according to some who have investigated the U.S. Bureau of Labor and Statistics (BLS) Consumer Price Index (CPI) for the month of July.

It's said that Biden, his press secretary, and Axios are correct in some part, considering the economy saw a 0% change in inflation in July. However, in regard to inflation as a whole and how it continues to impact American consumers, the overall inflation rate remains near a 40-year record high of 8.5%, and the prices of most everyday goods remain atypically high.

Today we received news that our economy had 0% inflation in the month of July,” Biden said at the White House Wednesday. “When you couple that with last week’s booming jobs report of 520,000 jobs created last month and 3.5% unemployment, it underscores the kind of economy we’ve been building.

Additionally, Biden’s claim of a booming job market doesn't jive with all reports.

According to the latest Job Openings and Labor Turnover (JOLT) Summary reported by the U.S. Bureau of Labor Statistics, there was a massive plunge in job openings last month.

Adding salt to that wound, big corporations may be limiting hiring in anticipation of a steep economic turndown despite the tight labor market. As a result, worker wages could potentially suffer.

READ MORE:“Job openings take nosedive as employers show signs of less hiring, fed report says”

The decrease in job openings comes a week after the federal reserve increased interest rates by 75 basis points in an effort to dampen inflation.

During a panel discussion held by the International Monetary Fund, Federal Reserve Chairman Jerome Powell reportedly said he would welcome a decline in job vacancies as a sign that the Fed’s efforts to reign in inflation are working.