Speaking on Bloomberg's “Sound On” Thursday, White House Council of Economic Advisers Chairman Jared Bernstein responded to the remarks. December CPI Report The CPI rose 0.3% for the month, after rising 0.1% monthly and 3.4% annually in November. After November, the annual rate is 3.1%. Core inflation was at an annual rate of 3.9% after November's annual rate of 4.0%, and for the month was 0.3%, the same as in November.
Bernstein said: [relevant remarks begin around 27:50] “Any month could collide with one or the other. Joe, I've emphasized this in our discussions, but we at the Council of Economic Advisers never overemphasize any particular month. And in fact, by the way, if you look at the annualized headline CPI inflation for the last three months, it's still 1.8%, because the last three months were 0, 0.1, 0.3. , if you do the calculations, you will see such an underlying tendency [that] We remain on the side of those who want inflation to continue to fall. I mentioned the product price.I think the supply chain is disrupted [are] We found that cakes are being baked in great numbers and product prices continue to be very low. So, look, core inflation, which is very important to the Fed, core inflation has of course exceeded expectations. 0.3 was expected and 0.3 was delivered. So prices continue to ease, the job market remains strong, and the combination of these two is leading to real wage increases, which we learned this morning are not temporary. It's a trend. Real wages have increased by about 1% over the past year and have been trending upward for some time, which is critical for our working families. ”
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