President Biden insisted Friday that America is on an economic ‘winning streak’ despite a mixed report from the Federal Reserve showing that inflation eased slightly, but consumer spending stagnated.
The Personal Consumption Expenditures Price Index, the Fed’s preferred measure of inflation, showed prices climbed 5.5% in November from a year earlier but dipped slightly from 6.1% in October. After stripping out volatile food and energy prices, the gauge was up 4.7% compared with November 2021 and down from 5% in October.
The monthly increase is the lowest since October 2021 but still well above the Federal Reserve’s goal of 2% inflation.