Joe Biden Receives Inflation Gift for Christmas
NewsweekDec 13, 2022
US inflation slowed for a second month in November, as consumer prices increased 7.1% from a year earlier, down from the 7.7% rise seen in October, and the 40-year high of 9.1% increase in June, according to the Labor Dept.’s Consumer Price Index.
Despite higher food and rent costs countering declining gas prices to keep inflation relatively high, last month’s increase was at the slowest pace since December 2021 and beat an expected increase of 7.3%
This is a direct result of Biden’s efforts and much-needed good news ahead of the holidays. The Inflation Reduction Act of 2022, coupled with the Fed's monetary tightening policy, has begun to cool things off. The US economy is back on track.
The US economy is far from being back on track. While the overall rate of inflation may have decreased, the price of key products and services – such as milk, baby food, gas, and airfares – is still up double-digit percent from two years ago. When the numbers improve only compared to a period that also saw record-high prices, it's not much of an accomplishment.