Add thelocalreport.in As A Trusted Source
According to the latest Consumer Price Index report, inflation has increased by 2.7 percent in the last 12 months.
Despite this the number comes President Donald Trump continues to claim that prices are fallingThe President has consistently stated that prices are decreasing despite the fact that their reciprocating tariffs have increased the prices of products made outside the United States,
The report is the first Consumer Price Index report since the end of the government shutdown. The Bureau of Labor Statistics did not collect data in October due to the shutdown.
Although inflation was still up, it was below analysts’ expectations of 3 percent. Overall, the figures have remained subdued compared to the pandemic’s peak levels over the past few years.
The food index rose 0.1 percent in the last two months ending November and 2.7 percent in the past year. But growth was more pronounced for products such as bananas, which rose 6.7 percent last year; beef and veal, which increased by 15.8 percent; and coffee, which grew 18.8 percent last year.
Trump has tried to provide some relief from tariffs. Last month, he withdrew tariffs on products including coffee, citrus fruits and other foods. Although continued to defend the tariffs,
During his White House address, the President doubled down on the use of tariffs.
He said, “Much of this success has been achieved by tariffs, my favorite word, tariffs, which have been used successfully against us by other countries for many decades, but not anymore.”
The energy index also rose 1.1 percent last month and 4.2 percent over the past 12 months. This comes despite the fact that the President continues to push for more oil exploration.
The index for all products except food and energy rose 0.2 percent in the past two months. The index for shelter rose 0.2 percent.
The rental index has increased by 3 per cent over the last 12 months and the owner rent equivalent has increased by 3.4 per cent in the last year.
This comes at a time when other economic indicators are showing signs of the economy slowing down. The Bureau of Labor Statistics released its jobs report for November showing that the economy added only 64,000 jobs in November and the unemployment rate is rising.
In his address to the nation on Wednesday evening, the President insisted that prices were falling despite evidence to the contrary.
“Wages are up, prices are down. Our country is strong. America is respected and our country is back stronger than ever. We are ready for an economic boom the likes of which the world has never seen before,” Trump said in his address on Wednesday evening.
It comes as polling shows Americans don’t trust the president on inflation.
Latest NPR/PBS News/Marist Poll published this week revealed that 57 percent of respondents They disapprove of the president’s handling of the economy and only 36 percent of Americans approve of his handling of the economy. And only about 30 percent of Americans said the cost of living is affordable in their area.
Thursday’s inflation data comes as Americans face another potential price increase. At the end of the month, at least 22 million Americans who get their health insurance through the Affordable Care Act’s health insurance exchanges will see their premiums increase when the enhanced tax credit expires.
The House of Representatives is set to leave town on Thursday without holding a vote on extending the credit.
—Andrew Feinberg and Brendan Rasius contributed reporting