(The Center Square) – Annual inflation rates increased last month.
The U.S. Bureau of Labor Statistics released its latest Consumer Price Index, a key marker of inflation, which showed that consumer prices rose 0.3% in November, part of a 2.7% increase over the last year.
“The index for shelter rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase,” BLS said. “The food index also increased over the month, rising 0.4 percent as the food at home index increased 0.5 percent and the food away from home index rose 0.3 percent. The energy index rose 0.2 percent over the month, after being unchanged in October.”
November’s increase comes as President Joe Biden is on his way out of office, soon to be replaced by President-elect Donald Trump.
The U.S. Congressional Budget Office’s latest data shows that the federal deficits are also spiking right now, putting them significantly higher than the same time last year.
While inflation did increase, it is far below the breakneck pace seen earlier in Biden’s term.
“Wages are growing faster than inflation, putting consumers on good footing as they enter the new year,” Jeffrey Roach, Chief Economist for LPL Financial in Charlotte North Carolina, said in a statement. “The Fed will likely stay on course to slowly and methodically cut rates as the more sticky components of inflation are stabilizing.”
Some goods and services have risen in price much more than the average, such as beef and pork chops which have risen more than 5% in cost in the last year, double the national average. Beans have gotten even more expensive than that.
Butter and fruit prices have also outpaced the national average.
Prices have risen more than 20% since Biden took office, with food prices rising even more than that, drawing a steady stream of attacks from Republicans. Most political analysts say those price increases helped Republicans win in the most recent election.
Republicans have pointed to the solution of cutting spending since federal spending is partially offset by printing money, thus increasing inflation.
“With Trump back in office, and Elon Musk and Vivek Ramaswamy heading the Department of Government Efficiency, we can get to work ending the inflation nightmare plaguing the American people by reining in big government, cutting wasteful spending, paying down the $36 trillion debt crisis and growing our economy,” Sen. Rick Scott, R-Fla., said in a statement.