An economist says “consumers are still being crushed” despite the December inflation report released Thursday showing a “slight reduction” in prices.
The consumer price index, a key inflation measure, decreased 0.1% in December, up 6.5% from December 2021, the U.S. Bureau of Labor Statistics reported.
“The slight reduction in the overall prices for December was a welcomed relief for consumers in a year that saw the highest inflation in over 40 years,” E.J. Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation, told The Daily Signal in a statement. “But December was the only month in Biden’s presidency when prices fell, and consumers are still being crushed.” (The Daily Signal is Heritage’s multimedia news organization.)
“Since Biden took office, prices for common consumer staples are substantially higher: eggs are up 189.9%, and gasoline is up 44.3%,” Antoni said.
The report is nearly in line with a prediction from Bank of America, which expected December’s consumer price index would decrease 0.1% from November and a year-over-year rate of 6.4% compared to 7.1% in November, The Wall Street Journal reported.
Antoni added:
If you are trying to buy a home today, you’ll have a monthly payment about 80% higher compared to when Biden became president. And it will cost you 17.0% more to heat your home this winter compared to last year.
Conservatives in Congress must rein in the profligate federal spending if American families are going to see any lasting relief.
The food index rose 0.3%, the shelter index rose 0.8%, and electricity index rose 1%, while the gasoline index decreased 9.4%, the energy index fell 4.5%, and the fuel oil index decreased 16.6%, the Bureau of Labor Statistics reported.
The report is slightly better than the November report that showed the consumer price index increased 0.1% in November, up 7.1% from November 2021. The November figure marked a slowdown in rampant inflation, but not a reversal of the trend that has caused prices for everyday goods like food and gas to ratchet up in recent months.
In November, the food index rose 0.5%, the fuel oil index rose 1.7%, and the shelter index rose 0.6%, while the used car and truck index decreased 2.9% and the energy index decreased 1.6%, the Bureau of Labor Statistics reported.
The White House did not immediately respond to The Daily Signal’s request for comment.
This is a breaking story and may be updated.
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The post ‘December Was the Only Month in Biden’s Presidency When Prices Fell,’ Economist Says appeared first on The Daily Signal.
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