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US inflation likely surged to new record in November
Inflation and supply chain issues ‘are not going away’: Wealth management expert
Lebenthal Global Advisors President Dominick Tavella discusses inflation and supply chain issues impacting the economy and his market outlook for 2022.
The latest measure of inflation is projected to show another eye-popping figure as the price of everyday consumer goods soared higher in November.
The Labor Department is releasing the highly anticipated consumer price index on Friday morning, providing a fresh look at just how hot inflation ran last month. Economists expect the gauge – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – to show that prices surged 6.8% in November from the year-ago period, toppling the previous month's 31-year high of 6.2%. On a month-to-month basis, economists forecast the index would rise by 0.7%.
It would mark the fastest increase in consumer prices since June 1982, when it hit 7.1%.
CONSUMER PRICES SURGE BY MOST IN 31 YEARS
Rising inflation is eating away at strong gains and wages and salaries that American workers have seen in recent months – bad news for President Biden, who has seen his approval rating plunge as consumer prices rose. The White House has blamed the price spike on supply-chain bottlenecks and other pandemic-induced disruptions in the economy, while Republicans have pinned it on the president's massive spending agenda.
Biden looked to downplay the November inflation figure before its release, saying in a statement on Thursday that the data would not reflect the decline in gas prices. He stressed that passing his $1.7 trillion social spending and climate plan is necessary to help lower costs.