Inflation moderated more than expected in November, but consumer prices remained near a multi-decade high, continuing to squeeze millions of U.S. households and small businesses.
That is supposed to be good news.
This is due to interest rate increases deflating the economy.
Inflation is still about three times higher than the pre-pandemic average. It’s touted as it rising less than expected as a good thing. It’s moderated!
And Americans are losing their purchasing power. Average income is down $4,200 thanks to inflation and rising interest rates. People are picking up second or third jobs to be able to cover their basic needs or to buy Christmas gifts for their children.
Inflation almost never ‘goes down’
You don’t get the old prices back. It’s extremely tone deaf for this administration to act like a decrease in the rate of change is a win.
But that’s how joe works. pic.twitter.com/yHNCWkWr98
— Frog Capital (@FrogNews) December 13, 2022
The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries, and rents, rose 0.1% in November from the previous month. Prices climbed 7.1% on an annual basis.
Those figures were lower than the 7.3% headline and 0.3% monthly increase forecast by Refinitiv economists. Yippee!
The administration doesn’t count stealth inflation.
— Wall Street Silver (@WallStreetSilv) December 13, 2022