Top Biden Econ Advisor Says Latest Consumer Price Index – Which Shot Up Year-Over-Year in December – Is “Encouraging” (VIDEO)

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Biden econ advisor Lael Brainard

Bidenomics.

The Consumer Price Index (CPI) shot up year-over-year in December according to the latest numbers out of the Labor Department.

The CPI increased 0.3% in December – up 3.4% year-over-year – “hotter than expected” – and Joe Biden’s incompetent econ advisor said the numbers are “encouraging.”

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CNBC reported:

Prices that consumers pay for a variety of goods and services rose more than expected in December, according to a Labor Department measure Thursday that shows inflation still holding a grip on the U.S. economy.

The consumer price index increased 0.3% for the month, higher than the 0.2% estimate at a time when most economists and policymakers see inflationary pressures easing. On a 12-month basis, the CPI closed 2023 up 3.4%. Economists surveyed by Dow Jones had been looking for a year-over-year reading of 3.2%.

By comparison, the annual CPI gain in December 2022 was about 6.4%.

Excluding volatile food and energy prices, the so-called core CPI also rose 0.3% for the month and 3.9% from a year ago, compared with respective estimates of 0.3% and 3.8%. The year-over-year core reading was the lowest since May 2021.

Much of the increase came due to rising shelter costs. The category rose 0.5% for the month and accounted for more than half the core CPI increase. On annual basis, shelter costs increased 6.2%, or about two-thirds of the rise in inflation.

CNBC’s Rick Santelli went off after it was reported the CPI index shot up.

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“It takes $1.19 of November 2023 dollars to buy what bought $1 pre-COVID,” Santelli said on Thursday.

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CNBC’s Steve Liesman also blasted Joe Biden: “There’s some reversal of some of the declines we had in prior months,” particularly on rent — up 19% since Biden took office.

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Joe Biden’s incompetent economic advisor Lael Brainard (diversity hire) fielded questions from reporters on Thursday and lied about the inflation crisis.

Lael Brainard laughably asserted the ‘hotter than expected’ CPI is “encouraging.”

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Source material can be found at this site.

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