‘Excruciatingly High’: Inflation Remains ‘Red Hot’ in November

This story was originally published by the WND News Center.

 

Inflation, which under Joe Biden’s policies has slammed Americans with a massive collapse in their buying power, remained “red hot” in November, at 7.1%.

But the so-called core prices did ease slightly while remaining significantly higher than the target rate of 2%.

The Daily Caller News Foundation described the inflation in November still as “red hot,” based on the Consumer Price Index figures released by the Bureau of Labor Statistics.

The CPI rose 0.1% for the month, putting the annual figure at 7.1%.

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“The CPI was expected to show a 0.3% increase on a monthly basis in November, climbing 7.3% annually, according to a survey of Dow Jones economists, CNBC reported. So-called core prices, which discount the volatile food and energy sectors, continued to fall from September’s 40-year high of 6.6% to 6.0%, but remained well above the Federal Reserve’s target of 2%, according to the BLS,” the report explained.

It was just a month ago when the Producer Price Index estimated the inflation of wholesale prices to be 7.4% annually.

During that month, food prices rose 0.5%, and the cost of food at home, which chiefly is groceries, surged 12% on an annual basis.

“The cost of energy energy fell 1.6% on a monthly basis, following a 1.8% climb in October, and grew 13.1% on an annualized basis, with the year-over-year cost of electricity and natural gas growing 13.7% and 15.5% respectively,” the report said.

The Washington Examiner said the new number was a sign “that the price pressures that have wracked the economy over the past year are easing.”

But it pointed out that inflation “is still excruciatingly high,” although it was down from the “whopping 9.1% in June.

“It’s important to remember that prices are still rising. Inflation remains too high and the Fed remains nervous. Even as prices moderate, they’re still much higher than pre-COVID levels,” Victor Claar, of Florida Gulf Coast University, told the Examiner. “While consumer prices are moderating, the Fed can’t relax because of persistent tightness in the labor market.”

The Federal Reserve, in fact, has been raising interest rates by whopping amounts, .75% monthly, in recent months, bringing additional misery to consumers who are caught with the higher interest payments on any borrowed funds.

The report noted that energy prices also have exploded 13% in just the past year, and people “especially in cold New England, are facing the prospect of major bills heating their homes this winter.”

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