The latest inflation numbers are in, and they’re not great.
The Bureau of Labor Statistics announced on Thursday that the annual rate of inflation in December was 6.5%, a drop of 0.1% from November.
“The index for gasoline was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indexes. The food index increased 0.3 percent over the month with the food at home index rising 0.2 percent. The energy index decreased 4.5 percent over the month as the gasoline index declined; other major energy component indexes increased over the month,” the BLS said in its release. “The index for all items less food and energy rose 0.3 percent in December, after rising 0.2 percent in November. Indexes which increased in December include the shelter, household furnishings and operations, motor vehicle insurance, recreation, and apparel indexes. The indexes for used cars and trucks, and airline fares were among those that decreased over the month.”
The 6.5% increase was the smallest 12-month increase since the period ending October 2021.
Joe Biden is expected to address the nation regarding the latest inflation numbers and will most likely pat himself on the back for slowing inflation over the past few months. However, even though the rise of consumer prices slowly cooling down is undoubtedly good news, it is hardly anything to brag about.
The annual inflation rate was 7.0% in 2021 and 1.4% in 2020. The highest annual inflation rate under President Trump was 2.3%, which means that the annual inflation rate is still well above normal, and Americans are still being clobbered by high prices.