Prices Jump 2.7% In November as Country Enjoys Fourth Straight Year of Transitory Inflation

Best economy in history, Jack.

The Consumer Price Index, which measures the change in prices of a typical basket of goods and services, increased 0.3% from October to November, marking the second consecutive month of year-over-year growth in inflation.

Housing costs, including rent and mortgages, were a major driver of last month's CPI increase, contributing 40% of the overall rise, while food prices saw monthly increases, including an 8% jump in egg prices.

Economists anticipate another Federal Reserve interest rate cut at its December 18th meeting, though persistent inflation may complicate future decisions on rate reductions.

Inflation remained a challenge for consumers in November, with the Consumer Price Index (CPI) rising 2.7% compared to the same month last year. Although inflation has slowed from its 2022 peak of 9.1%, prices for necessities like housing and food continue to climb, leaving families grappling with higher costs.

Housing costs, which accounted for nearly 40% of the CPI increase, remain a significant burden. The Bureau of Labor Statistics highlighted that shelter prices, including rent and mortgage rates, have remained elevated since the pandemic, contributing to persistently high costs. Food prices also rose in November, with grocery costs increasing by 0.5% on a monthly basis. Eggs, a key indicator in the food category, surged by 8% during the same period.

Economist Robert Frick of Navy Federal Credit Union noted that while the pace of inflation has eased, the ongoing rise in prices is difficult for many. "Shelter costs continue to be the number one source for higher prices, and that the rate of increase has slowed is no comfort," he told CBS News. "Many food prices rose... adding to the harsh burden of high costs."

I wasn't kidding when I told you that this was the best economy in the world, Fat.

President Biden @POTUS

I believe the only way for a president to lead America is to lead all of America.

And I believe the economy I am leaving America is the best in the world and stronger than ever for all Americans.

Biden gave a shhhhpeesch yesterday in which he claimed that he's turning over the best economy in history to Trump.

President Joe Biden said Donald Trump will inherit the "strongest economy in modern history," and warned the president-elect not to return to "trickle-down economics" in a legacy-focused speech Tuesday.

But as Biden took credit for the nation's economic recovery out of the COVID-19 pandemic, he did compliment Trump for one decision: putting his signature on COVID stimulus checks sent to Americans.

"Within my first two months in office, I signed the American Rescue Plan, the most significant economic recovery package in our history. I also learned something from Donald Trump. He signed checks for people," Biden said in a speech at the Brookings Institution, a center-left think tank. "And I didn't-- stupid," he said to laughter, adding: "But all kidding aside."

Yeah that was the one mistake you made.

This was from a shhhpeesh he made a couple of days before:

Biden's teleprompter short-circuits in speech taking credit for lackluster rural high-speed internet, 'fairly strong' economy: 'I lost electricity'

President Biden's teleprompter apparently short-circuited Tuesday during one of his final speeches touting his economic record -- which included an abortive effort to massively expand rural high-speed internet -- forcing him to consult paper notes to make up for the technical difficulties.

"One of the things that's going on here -- they just turned off my ... I lost electricity here, anyway," Biden said, visibly taken off guard just 10 minutes into his speech at the Brookings Institution in Washington, D.C.

Some Americans who were promised broadband access in underserved and rustic locales as part of Biden's $1.2 trillion infrastructure law -- but have yet to receive internet access -- have been similarly left in the dark.

posted by Ace at 03:15 PM

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