Rick Santelli's Take on New Inflation Numbers Nukes Biden and Media Propaganda Into Next Week
The new consumer price index (CPI) numbers are out and it looks based on it that the Fed wouldn't be cutting interest rates soon.
You may be seeing Democrats pushing numbers are "going down" or "cooling." But increasing less than the prior month's increase is still increasing.
U.S. consumer prices unexpectedly rose in November while underlying inflation pushed higher, offering more evidence that the Federal Reserve was unlikely to pivot to interest rate cuts early next year.
The consumer price index edged up 0.1% last month after being unchanged in October, the Labor Department's Bureau of Labor Statistics said on Tuesday. In the 12 months through November, the CPI increased 3.1% after rising 3.2% in October.
Core CPI inflation — which doesn't include volatile food and energy indexes — rose 0.3 percent in November for a 4.0 percent annual increase. Shelter costs have gone up 6.5 percent over the last 12 months and the food index is up 2.9 percent over the past year.
But some including the Biden team are trying to sell that as good going "down," as Townhall's Spencer Brown observed, "They’re running Biden admin spin as ‘news.’”
READ: Biden's Latest Campaign Remarks Should Make People Run Out...and Vote for the GOP
Bottom line? The Biden team with the aide of some in media are trying to sell us a shell game, hoping we wouldn't notice, about prices coming down, without acknowledging how high they have risen under Joe Biden including gas and groceries. Those are the things that hit us all, and that we all know have gone up because more money has been coming out of our wallets.
CNBC's Rick Santelli also explained something that Joe Biden hopes we don't understand when we're talking about these numbers -- compounding.
Santelli said if you look at the CPI raw indexes, in September, it hit the highest ever at 307.78, that was the "all time high going back over 100 years." It's 307.05 right now.
The core, which is seasonally adjusted raw data, he said was at an "all time high" at 312.25, and has "never ever been higher."
Inflation compounds, and that's what the public is not very happy with.
Exactly. That's why people aren't buying what Biden is selling. It's because of the compounding that you're feeling it so much. Biden would like people to not get these numbers, to not see how high everything has been under him for there years or how it compounds even now, and how much has been taken out of our wallets over this time. But the American people are living it, day to day, so Biden can't get around that.
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