John Carney 12 Dec 2023
Inflation accelerated slightly in November, marking the thirty-third consecutive month with annual prices rising significantly faster than the two percent target seen as healthy by the Federal Reserve.
The consumer-price index, the Labor Department’s broad measurement of what consumers pay for goods and services, rose 3.1 in November from a year earlier, a slightly lower annual rate from October.
Consumer inflation hit its recent peak of 9.2 percent in June of 2022 and has since retreated as the Federal Reserve raised interest rates at a record pace and the Biden administration’s spending was reined in by lawmakers worried about extraordinarily large budget deficits.
Compared with the prior month, the consumer-price index rose 0.1 percent in November, up from the flat month-to-month reading in October. Economists had been expecting the Department of Labor to report another flat month for inflation.
President Biden suffers from very low approval ratings, driven by public dissatisfaction with high inflation and the administration’s leadership on economic issues. Attempts by the Biden administration to shift public opinion by claiming as achievements of “Bidenomics” that more benign developments in the economy, including the return of unemployment to levels last seen while Donald Trump was president, have largely backfired.
So-called core prices, which exclude volatile food and energy items, rose four percent compared with a year ago. From the previous month, core prices rose by an expected 0.3 percent, an acceleration from 0.2 percent in October.
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https://www.breitbart.com/economy/2023/12/12/inflation-picked-up-slightly-in-november-as-bidenflation-persists-for-33rd-straight-month/
