Staff Reports
Inflation has managed to rise again in November, much to the delight of those who thrive on keeping America in a financial bind. Analysts had predicted this uptick, but really, who wouldn’t expect it with the current state of affairs under the Biden administration? Job Creators Network’s CEO, Alfredo Ortiz, pointedly noted that the progress in the inflation fight has hit a brick wall, and many Americans are left wondering if they should stock up on Ramen noodles or start considering a second job just to keep up with the costs of living.
According to the Bureau of Labor Statistics, consumer prices jumped by 0.3% last month, contributing to a yearly increase of 2.7%. For those keeping track at home, the core Consumer Price Index, which leaves out the volatile food and energy sectors, is now at 3.3% annually. In layman’s terms, things aren’t getting any cheaper. While the price of essential goods continues to climb, it’s clear that an economic overhaul is necessary, now more than ever.
Nov CPI came in right in-line with expectations for a 2.7% y/y increase and 0.3% m/m. Assets have responded well since the print: Treasury yields fell 4-6bps (shorter maturity yields fell more), while stocks and gold bounced in tandem (driven by lower yields). pic.twitter.com/2JWTZghpIw
— Liz Young Thomas (@LizThomasStrat) December 11, 2024
A closer look reveals that the shelter index, which accounts for a staggering 40% of the monthly inflation bump, also rose by 0.3%. It’s hard to tell if people should be more shocked by rising rent prices or by the fact that the cost of a cup of coffee is nearly the same as a full tank of gas these days. Food prices aren’t immune either, with an increase of 0.4% last month. Let’s not forget those fancy organic avocados are still out there aiming to wreak havoc on grocery budgets everywhere.
The indices for used cars, medical care, and even new vehicles have been on the rise too, further strapping American families to the financial treadmill that the Democratic leadership seems to have installed. Meanwhile, communication costs are one of the few bright spots, showing a decrease. The irony here is palpable: Americans can save on texting their friends about their financial woes, but they still can’t afford to buy groceries for the week.
Ortiz labeled the current inflation figures as “unacceptable,” particularly for small business owners who continue to face the brunt of these economic policies. He emphasized that the American people have vocally mandated Republicans to take the reins, restore fiscal order, and light a fire under the stagnant economy. If the incoming Trump administration teams up with a Republican Congress to rein in inflation and embrace energy independence, it might just turn the tide for weary consumers looking for relief. Until then, the struggle is real, and fattening wallets seem like a luxury of the past for many.
