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the US, President Joe Biden has set out to reassure Americans that there is no need for alarm, because the figures no longer represent the current economic landscape.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.