I KEPT TELLING YOU THERE’S PLENTY MORE BIDENFLATION BAKED INTO THE SYSTEM: Consumer price growth rose in December, a sign Trump will inherit stubborn inflation as he takes office.
Consumer price growth ticked up in December, a sign President-elect Donald Trump will inherit the inflation issues that dogged the Biden administration as he re-takes the White House next week.
The Bureau of Labor Statistics reported Wednesday that the annual inflation rate — which is calculated based on prices compared to a year ago — climbed to 2.9% from 2.7% in November.
On a monthly basis, the rate rose to 0.4%, up from 0.3% a month prior and above expectations.
Even as the broader inflation index picked up, a measure that strips out volatile food and gas items climbed less than expected. That so-called “core” reading is closely watched by investors.
That’s not all Trump inherits on January 20:
This is the worst start to a fiscal year EVER:
– Spending is up 10.9%
– Receipts are down 2.2%
– FYTD deficit up 39.4% at $711 billion
They're handing Trump a ticking time bomb… pic.twitter.com/q1DYC1Ep5q— E.J. Antoni, Ph.D. (@RealEJAntoni) January 15, 2025
But, hey, at least Milton Friedman hasn’t been “running the show.”