President Joe Biden, bracing for another jump in inflation, sought to reassure Americans on Thursday that rises in energy costs and other key goods were starting to ease, but said the change might not be reflected in November data due on Friday.
The consumer price index for November is expected to have risen 6.8% compared with the same month last year, a Reuters poll of economists showed, overtaking a 6.2% increase in October, which was the fastest gain in 31 years.
Biden's top economic adviser Brian Deese appeared at the regular White House briefing to hammer home the same message. "That data is by definition backward-looking and so it won't capture some recent price movements, particularly in the areas of energy," Deese said, citing a nine-cent drop in gasoline prices nationally.
Deese also noted declines in shipping costs and certain commodities, including wheat and pork, as well as a drop in wholesale used car prices that should push consumer prices lower.
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