White House: "Biden's Inflation Crisis Is Over"
"Low Prices and High Wages Expected to Continue Into the New Year"
The White House stated on December 18 (local time) that President Donald Trump is resolving the crisis from the previous Joe Biden administration, following the release of data showing a slowdown in consumer price inflation for November.
White House spokesperson Caroline Leavitt said in a statement that, as President Trump mentioned in his national address the previous night, "Inflation continues to fall, wages are rising, and the United States is heading toward a historic economic boom."
Leavitt further emphasized, "Today's report shows that inflation came in much lower than market expectations," adding, "This stands in stark contrast to the record-high 9% inflation crisis caused by Joe Biden."
The Consumer Price Index (CPI) for November, released by the U.S. Bureau of Labor Statistics (BLS) on the same day, rose 2.7% year-on-year, falling below the 3.1% forecast compiled by Dow Jones. The core CPI, which excludes the more volatile food and energy sectors, also increased 2.6% from a year earlier, a slower pace than September's 3.0% rise.
The inflation crisis during the Biden administration, referenced by Leavitt, appears to point to the 9.1% figure recorded in June 2022, the highest in about 40 years. However, when President Biden left office, inflation was around 3.0%.
Leavitt also noted, "Prices for groceries, pharmaceuticals, gasoline, airline tickets, rental cars, and hotel accommodations have continued to decline, bringing core inflation to its lowest level in years," and added, "Americans can expect this trend of low prices and high wages to continue into the new year."
The White House also highlighted in a separate press release that both the media and experts described the latest inflation figures as "very good numbers" and "positive news." It further stated, "President Trump took office promising to break the back of inherited inflation and the cost-of-living crisis, and without a doubt, he has driven progress and laid the foundation for a successful year ahead."
However, some caution that it is premature to conclude that inflation has been fully resolved simply because the latest figures fell well below market expectations.
CNN reported, "While the 2.7% inflation figure is the lowest since July, some economists warn that disruptions in data collection due to the temporary federal government shutdown may have affected the results."
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