Consumer price growth rose in December, a sign Trump will inherit stubborn inflation as he takes office
Consumer price growth ticked up in December, a sign President-elect Donald Trump will inherit the inflation issues that dogged the Biden administration as he re-takes the White House next week.
Consumer price growth ticked up in December, a sign President-elect Donald Trump will inherit the inflation issues that dogged the Biden administration as he re-takes the White House next week.
The Bureau of Labor Statistics reported Wednesday that the annual inflation rate — which is calculated based on prices compared to a year ago — climbed to 2.9% from 2.7% in November.
On a monthly basis, the rate rose to 0.4%, up from 0.3% a month prior and above expectations.
Even as the broader inflation index picked up, a measure that strips out volatile food and gas items climbed less than expected. That so-called "core" reading is closely watched by investors.
Stock futures soared after the report's release, with the Dow Jones Industrial Average indicated to open higher by nearly 700 points and the S&P 500 and Nasdaq set to jump more than 1.5%.
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