The consumer price index (CPI), a measure of inflation, rose just 0.1% overall in November, totaling 3.1% for the year, but was dragged down by declining gas prices while other metrics continue to climb, putting a strain on American families, according to data from the Bureau of Labor Statistics (BLS).
The price of gasoline declined 6.0% in the month of November after falling 5.0% in October, totaling an 8.9% price drop in the last 12 months, depressing the overall inflation rate substantially, but is still up 36.6% since when President Joe Biden first took office in January 2021, according to the BLS. In contrast, other goods and services Americans rely on have continued to see sustained increases, following sky-high inflation that peaked under Biden at 9.1% year-over-year in June 2022. (RELATED: Here’s How Much Americans’ Home Payments Have Increased Under Biden)
The cost of…
