WASHINGTON, DC - MARCH 01: U.S. President Joe Biden delivers the State of the Union address to a joint session of Congress in the U.S. Capitol House Chamber on March 1, 2022 in Washington, DC. In his first State of the Union address, Biden spoke on his administration’s efforts to lead a global response to the Russian invasion of Ukraine, work to curb inflation, and bring the country out of the COVID-19 pandemic. (Photo by Saul Loeb - Pool/Getty Images)
Inflation levels dropped in November and pundits say that the average person could find relief from rising prices and interest rates soon.
While the Consumer price index data that was released on Tuesday shows the inflation levels are still sky-high, the decrease in price growth may be enough to help Americans who had to deal with a 7.7% inflation rate in October.
Over the past year, prices rose 7.1% from a year ago and .1% over the past month. Though both numbers are staggeringly high, they still remain below projections. Economists say the numbers should fall even further as the winter goes on.
“Cooling inflation will boost the markets and take pressure off the Fed for raising rates, but most importantly this spells real relief starting for Americans whose finances have been punished by higher prices,” Robert Frick, a corporate economist with Navy Federal Credit Union said in a statement. “This is especially true for lower-income Americans who are disproportionately hurt by inflation.”
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The central bank indicated that it will keep hiking interest rates in an effort to slow the economy and decrease inflation.
“The Fed could dismiss the better-than-expected October as just one month’s data, but the further slowdown in November makes this new disinflationary trend harder to dismiss,” Paul Ashworth, chief North America economist for Capital Economics, commented after the new CPI report was released.
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