Joe Biden Assures Americans That Upcoming Inflation Print Doesn’t Reflect Current Economic Reality

Joe Biden has assured Americans that there is no need to believe Friday’s inflation numbers, because price pressures have allegedly subsided since then. Translation: NOW is officially the time to start panicking about inflation, because even the US president himself no longer has confidence in the staggering acceleration of consumer prices.

With the government slated to release data showing consumer prices are rising even faster across the US, President Joe Biden has set out to reassure Americans that there is no need for alarm, because the figures no longer represent the current economic landscape.

“Fortunately, in the weeks since the data for tomorrow’s inflation report was collected, energy prices have dropped,” assured Biden, referring to a recent decline in retail gasoline prices across some states. “The information being released tomorrow on energy in November does not reflect today’s reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market,” he added.

The Bureau of Labour Statistics’ Friday’s CPI print is expected to show that prices have risen an eye-watering 6.8% year-over-year in November, up from October’s 6.2% increase, which evidently was the sharpest gain since 1990. Economists polled by Reuters are also forecasting that core CPI, which excludes volatile components such as food and energy, will have increased 4.9% annually last month, up from October’s 4.6% rise.

In the rather unusual statement, Biden also reiterated to Americans that they mustn’t fret about the potential implications of his “Build Back Better” spending plan, because it will paradoxically help lower costs rather than raise them.

Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Russia Invades Ukraine, Global Leaders React

It appears that the world slipped in chaos overnight, as Russia at the break of...

Thursday, February 24, 2022, 11:48:46 AM

UK Unveils Windfall Tax on Utility Providers as Energy Inflation Soars

As energy expenses become increasingly unsustainable for most UK households, the country’s government on Thursday...

Friday, May 27, 2022, 11:39:00 AM

Biden Administration Aims To Boost Local Battery Manufacturing

The U.S. Department of Energy announced on Wednesday a funding allocation of up to $3.5...

Friday, November 17, 2023, 12:40:00 PM

The Biggest Mismatch in History: Inflation Soars to Near Double-Digits, Economy Barrels Towards Recession… ECB Raises Rates to 0.75%

The European Central Bank finally decided to jump on the bandwagon of monetary policy panic,...

Thursday, September 8, 2022, 11:14:04 AM

Canada Sees April’s CPI Climb To 6.8% While Price Of Food Climbs 9.7%

Inflation in Canada continues to climb, with StatCan this morning reporting that the Canadian consumer...

Wednesday, May 18, 2022, 09:27:00 AM