Given the latest reports to come out on inflation in America, the chief global economist and strategist at Decision Economics, Inc., Allen Sinai, said, “These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades.” According to the Consumer Price Index (CPI), the inflation increase in November was 0.9%, which brings the year-over-year increase to a whopping 6.8%. And for those wondering, Sinai wasn’t exaggerated as the report shows that increase is the highest figure in over four decades. 

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It isn’t just the CPI as the U.S. Bureau of Labor Statistics (BLS) released their own findings on Friday showing that the increase was the largest in four decades. The last record was set just a couple of months ago in October when it sat at 6.2%. Among some of the highest increases in prices happened with shelter, food, vehicles, and, of course, gasoline. Food alone saw a 6.1% increase on a year-over-year basis. Not to mention, energy cost alone saw a 33.3% spike last year. 

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With the new Omicron variant bringing a whole new set of concerns, Sinai admitted, “We have tremendous spending by consumers. A lot of people are getting hired. Demand is huge. Monetary policy remains very easy, and fiscal stimulus has no precedent in history.” 

As for unemployment, the Biden administration might promote their figures showing jobs being created, but the number of claims in the week of December 4th reached 184,000. This is on the cusp of retailers struggling to find workers this holiday season. 

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Nancy Vander Houten, the lead economist at Oxford Economics, told reporters, “Looking past the noise, we think claims will eventually hover more consistently around pre-pandemic levels of 220k, assuming the Omicron variant of the coronavirus has only a moderate negative impact on the economy.”

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But while inflation continues to rise and American families struggle, the White House is adamant that America is moving in the right direction.

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