Economic researcher for the Center for Data Analysis at The Heritage Foundation EJ Antoni said “higher interest rates,” as well as “a lower real income,” have cost American families $7,100. November 2022 saw an increase of 0.1% in the consumer price index, up 7.1% from November 2021.
From The Daily Signal:
The food index rose 0.5%, the fuel oil index rose 1.7%, and the shelter index rose 0.6%, while the used car and truck index decreased 2.9% and the energy index decreased 1.6%, the Bureau of Labor Statistics reported. “An unexpected decline in the prices of beef, used vehicles, and vehicle rentals caused the latest inflation data to come in below expectations. While those price decreases are a welcomed relief for consumers, the decrease is being driven by a drop in demand, not an increase in supply,” Antoni told The Daily Signal in a statement. “In other words, people simply cannot afford these items at current prices, so consumers are buying less, driving prices down. It is more a sign of desperation than wealth,” Antoni explained.
