CNN’s Egan: November Inflation Number ‘Would Be a Terrible Number’ ‘at Any Other Point in the Last 40 Years’ But It Is Improvement

On Tuesday’s broadcast of CNN’s “The Lead,” CNN reporter Matt Egan stated that the November Consumer Price Index (CPI) report is a step in the right direction on inflation, but noted that if we had the 7.1% year-over-year inflation shown in the report “at any other point in the last 40 years…that would be a terrible number.”

Egan stated, “Well, Jake, inflation is still high, but it is getting better. This new report showed that consumer prices in November jumped 7.1% year-over-year. That is not healthy. That is not a good number. In fact, at any other point in the last 40 years…that would be a terrible number. But everything is relative and this is another step in the right direction. This is actually the fifth month in a row where annual inflation has cooled off. It’s the lowest level for this reading all year. You have to go back to last December. And if you dig into the numbers, there are some good signs here, core inflation, which strips out food and energy, increased by the smallest amount in 15 months. We saw price declines for airfare, used cars, medical care, energy prices, they also cooled off. All of that, good news. I do think we have to be careful not to declare victory too early here. There have been some head fakes along the way. Inflation has been very stubborn. 7% inflation is still 7% inflation. But hopefully, this trend continues, because that would bring real relief to families. It would also lower the risk that the Fed causes a recession by doing too much to put this inflation fire out.”

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