Inflation rose as expected in November according to fresh Consumer Price Index (CPI) data, which was in line with expectations at 2.7%, a 0.3% month-over-month rise. New Century Advisors chief economist Claudia Sahm, a former Federal Reserve board economist and the creator of the Sahm Rule, joins Seana Smith and Brad Smith on Morning Brief to take a closer look at the latest inflation data. “It was another firm CPI print and so we’ve had four months that have firmed up again,” Sahm says, noting that the “big picture” is “you can think [that] inflation progress has stalled in recent months, [but] we can also really put a pin on the fact that we’ve made progress, especially over the past two years, but it has been uneven and we are back in one of those uneven patches,” The economist says that while the CPI print may be firmer than the Federal Reserve wants, the data is “not alarming.” Sahm adds, “It’s frustrating, particularly when we think about something like shelter, which really the forecast was by this point that was going to be back to normal, and that it’s not.” Shelter inflation accounted for roughly 40% of overall inflation in November. Watch the video above for Sahm’s read on sticky shelter inflation, the upcoming Fed meeting, and the impact of potential tariffs.
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