economic report about inflation. you have inflation pce, this is the fed s favorite gauge, 5.5% in november. in normal times that would sound still too hot but coming down from 7%, 6.5%, 6%, now 5.5%. month over month up 0.1%. that year over year number is the slowest since october 2021 when this inflation nightmare began. so that is a good sign here overall. there s some core numbers inside this data that also showed signs of cooling. so when you look at the trend it does feel like the worst of the inflation drama is behind us, with still some more work to go. look, inflation peaking, gas prices down 50 cents over the past month, that may be one reason why consumer sentiment rebounded. gdp grew 3.2% in the third quarter heading into the end of
inflation, joe biden is the president of high prices. he is unable to cope with any of the issues facing our country today. harris: maybe the only thing spreading faster than a variant of coronavirus is inflation. that was john barrasso as the white house scrambles to spin yesterday s inflation nightmare. consumer prices jumping by 7% over last year. highest inflation rate in 40 years. the president s top economic advisor has an interesting strategy. bury your head in the sand and hope it goes away? most independent forecasters expect the prices 20 moderate over the course of 2022 consistent with our view and you have a president and administration waking up every day thinking about the practical actions we can take to try to help accelerate that, protecting unsticking supply chains. harris: the white house
inflation nightmare? well, some part of this is what s going on in the supply side of the economy. look, everything changed in the economy during the pandemic. everything from global shipping routes to where stuff is made. and it s taken a long time to just unsnarl everything that s going on. so it s difficult to get dishwashers. hard to buy a new car right now, but realize this is temporary. that s an economy healing and so much of the supply side pressures hopefully going to alleviate over the next year. should the fed be feeling the heat right now? well, the rise in oil prices which is why people are feeling pain at the pump, obviously it comes from russia and it s the war in ukraine. that s not something the fed has caused. it s also not something the fed can prevent. this is what s called a supply shock. and so it s a good time to stand pat and just hope that these higher oil prices are eventually going to pass through the system