(AURN News) — In President Joe Biden’s final full month in office, inflation showed an uptick according to federal data, just days before President-elect Donald Trump‘s inauguration as the nation’s 47th president.
The Bureau of Labor Statistics reported Wednesday that the Consumer Price Index rose 0.4 percent in December, following a 0.3 percent increase in November. The overall inflation rate stands at 2.9 percent.
Several key sectors saw price increases over the past year. Food costs rose 2.5 percent, while electricity prices increased 2.8 percent over the 12-month period. Shelter costs showed a significant jump of 4.6 percent, and transportation services recorded a 7.3 percent increase over the year.
December’s report also indicated price increases in housing, airline fares, used cars and trucks, motor vehicle insurance, and medical care, according to the Bureau of Labor Statistics (BLS). However, some categories saw decreases, including personal care, communication, and alcohol.
House Ways and Means Committee Chairman Jason Smith criticized the economic data in a statement: “President Trump is inheriting an economy from President Biden where inflation still threatens families’ savings and prices are still sky high. President Trump’s policies are the right ones to help working families and January 20th can’t come soon enough.”
The data comes as Biden prepares to hand over the presidency to Trump next Monday.
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