Inflation rose in November in line with what analysts had expected, showing that “progress on the inflation fight has stalled in the waning days of the Biden administration,” Job Creators Network’s CEO Alfredo Ortiz said.
Consumer prices rose .3 percent last month, according to Bureau of Labor Statistics data, and 2.7 percent over the last 12 months. Excluding food and energy costs, the core CPI stood at 3.3 percent on an annual basis.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in November, after rising 0.2 percent in each of the previous 4 months, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment.
The index for shelter rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase. The food index also increased over the month, rising 0.4 percent as the food at home index increased 0.5 percent and the food away from home index rose 0.3 percent. The energy index rose 0.2 percent over the month, after being unchanged in October.
The index for all items less food and energy rose 0.3 percent in November, as it did in each of the previous 3 months. Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. The index for communication was among the few major indexes that decreased over the month.
The all items index rose 2.7 percent for the 12 months ending November, after rising 2.6 percent over the 12 months ending October. The all items less food and energy index rose 3.3 percent over the last 12 months. The energy index decreased 3.2 percent for the 12 months ending November. The food index increased 2.4 percent over the last year. (BLS)
Ortiz said the figures are "unacceptable," especially for small business owners who continue to say inflation is their No. 1 problem.
"It's another reminder of why the American people gave Republicans a governing mandate to finally get inflation under control and jumpstart the economy," he said.
"The incoming Trump administration and Republican Congress must make it a top goal to get the inflation rate — including core inflation—back below 2%," Ortiz added. "They can do this by immediately unleashing American energy and reducing reckless spending. For inflation-weary consumers and small businesses, Republican leadership can't come soon enough."
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