Consumer prices in the US rose sharply for nearly 40 years in November, adding to the political pressure on the Biden regime as it seeks to support a larger monetary system.
Consumer price index, published by the Bureau of Labor Statistics on Friday, rose 6.8 percent last month – the fastest annual trend since 1982 and the highest rise from 6.2 percent in October.
Inflation has become a major political issue in the White House, given the approval of President Joe Biden and the Democratic Party’s expectations for next year’s general election.
Expressing concern, Biden sought to reduce the significance of the recent announcement on Friday and in the words that followed, emphasizing that prices have fallen in recent weeks in many areas that are rising.
“Events in the weeks following data collection last month show that prices and prices are rising steadily, albeit not as rapidly as we would like,” he said after the figures were published.
Gas prices have plummeted, as have gas prices, though a government official said this “relief” was not found in a November report.
At the White House threshold is a bill to establish $ 1.75tn in the US security net, which Biden seeks to pass through Congress this month. Last month the president signed another $ 1.2tn bipartisan bipartisan development law.
Republicans and other independent Democrats say spending more money will increase oil prices, which contributes to lower prices, even economists have argued. recent research The Financial Times reported that the spending of government officials was not expected to change the course of inflation.
Following November’s inflation figures, the Federal Reserve is expected to move forward with plans to urgently reduce its procurement program at its next week’s meeting.
Jay Powell, chairman of the central bank, expressed his support for a quick exit this month, acknowledging that the risk of rising inflation has risen.
Economists are now predicting that the rate will double in half so that the stimulus program will end in March, which could give the Fed flexibility to raise interest rates soon next year. The first interest rate is expected in June, with two more planned for the end of the year.
Michael Pond, head of research on global inflation at Barclays, said: “We now see tight rules in terms of risk management.”
Prices between October and November rose 0.8 percent, down slightly from the monthly increase of 0.9 percent.
“Significant growth in the multi-sectoral sector” encouraged a rise, the BLS said, with fuel, shelter, food, and used vehicles as well as new vehicles “among major service providers”.
Eliminating volatile factors such as food and energy, the overall CPI rose 0.5 percent from October. This is in line with the previous period, and raised the annual average by 4.9 percent. Last month, it registered 4.6 percent.
Anna Stupnytska, a global economist at Fidelity International, said: “Prices will continue unabated.” It is possible to stay afloat. [the Federal Reserve’s 2 per cent] target until 2022. “
The electricity index rose 3.5 percent between October and November, while the oil index jumped 6.1 percent. Annually they are 33 percent and 58 percent higher, respectively.
Housing costs, representing one-third of the CPI index, rose 0.5 percent per month, with the same landlords – measuring what homeowners believe their land could rent – to 0.4 percent, at an annual increase of 3.5 percent. The cost of buying the hotel went up 3.2 percent and up 26 percent a year.
Prices for household goods rose 0.7 percent in November, up from 6 percent a year. Clothing prices rose after a slight decline in the month, registering an increase of 1.3 percent per month. Annually, prices go up by 5 percent. Airlines prices also plummeted for several months, jumping 4.7 percent.
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