Treasury Dept. says inflation is running 'above target' as Trump insists there is 'no inflation'

The Treasury Department says inflation "remained above the target of 2 percent" even as President Trump insists there is "no inflation."

The Treasury Department said Monday that inflation "remained above the target of 2 percent in the third quarter," even as President Donald Trump and administration officials continue to assert that there is "no inflation."

Speaking on CBS News' "60 Minutes" on Sunday, Trump said, "We have no inflation, we have no inflation."

Trump claimed that he had "already taken care of" inflation, calling 2% "the perfect inflation."

But inflation came in at 3% on an annual basis in September, according to the Bureau of Labor Statistics.

"Food prices for both groceries (food at home) and food services (food away from home) increased moderately in the third quarter," Treasury said in a new "Economy Statement."