Hassett Celebrates ‘Blockbuster’ Inflation Figures, Highlights Economy Reflecting Historical Gains
White House National Economic Council Director Kevin Hassett joins ‘Varney & Co.’ to discuss the November CPI report, tax refunds, an anticipated White House announcement on housing reform and more.
On Thursday, White House National Economic Council Director Kevin Hassett expressed optimism regarding the latest consumer price index (CPI) report, which indicated that inflation rose at a slower pace than anticipated.
“It was just an absolute blockbuster report,” Hassett stated during his appearance on “Varney & Co.” He elaborated, saying, “Before the numbers come out, we look at the forecasts from everyone we can find on Bloomberg. We’ve analyzed 61 forecasts, and this number came in better than every single one of them.”
TRUMP TOUTS BRINGING COUNTRY BACK FROM ‘BRINK OF RUIN’
Kevin Hassett, director of the National Economic Council, outside the White House in Washington, D.C., on Wednesday, Dec. 10. (Aaron Schwartz/CNP/Bloomberg/Getty Images / Getty Images)
Hassett also focused on the near-term economic outlook, noting that core inflation, when averaged over the past three months and annualized, is currently at just 1.6%. He attributed this to the successful policies of the Trump administration aimed at enhancing aggregate supply and lowering prices.
“We’ve got high growth, and we have core inflation running at 1.6% if you look at the last quarter, and I think that’s about where we should be,” he remarked.
US ADDED 64K JOBS IN NOVEMBER AFTER LOSING 105K IN OCTOBER, DELAYED JOBS REPORT SHOWS
A customer shops at a Safeway store on June 11, 2024 in Mill Valley, California. Consumers continue to feel the pinch of inflation, as the November 2025 CPI report indicates food prices cost 2.6% more than one year ago. (Justin Sullivan/Getty Images / Getty Images)
Hassett further noted, “That’s where we were last time in President Trump’s first term. We were growing in the 3% range, and we had inflation in the 1% range, and it looks like that’s where we are again.” He added, “I’m not saying we’re going to declare victory yet on the price problem, but this is just an astonishingly good CPI report.”
The Bureau of Labor Statistics reported that the CPI, which measures the cost of everyday goods such as gasoline, groceries, and rent, rose by 0.2% from September to November, with a year-over-year increase of 2.7%.
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Barron’s Investor Circle newsletter editor Josh Schafer discusses what to expect from the delayed November jobs and inflation reports on ‘Varney & Co.’
Both figures were lower than the expectations set by economists surveyed by LSEG, who had predicted a 0.3% monthly increase and a 3.1% year-over-year figure. Core prices, which exclude volatile categories like gasoline and food, rose by 0.3% from the previous month and 2.6% year-over-year, aligning with economists’ forecasts.
Despite these positive indicators, consumers are still grappling with rising costs. The report highlighted a 2.6% increase in food prices compared to the previous year, along with higher costs in energy, transportation, and housing.
FOX Business’ Eric Revell contributed to this report.
White House National Economic Council Director Kevin Hassett joins ‘Varney & Co.’ to discuss the November CPI report, tax refunds, an anticipated White House announcement on housing reform and more.
On Thursday, White House National Economic Council Director Kevin Hassett expressed optimism regarding the latest consumer price index (CPI) report, which indicated that inflation rose at a slower pace than anticipated.
“It was just an absolute blockbuster report,” Hassett stated during his appearance on “Varney & Co.” He elaborated, saying, “Before the numbers come out, we look at the forecasts from everyone we can find on Bloomberg. We’ve analyzed 61 forecasts, and this number came in better than every single one of them.”
TRUMP TOUTS BRINGING COUNTRY BACK FROM ‘BRINK OF RUIN’
Kevin Hassett, director of the National Economic Council, outside the White House in Washington, D.C., on Wednesday, Dec. 10. (Aaron Schwartz/CNP/Bloomberg/Getty Images / Getty Images)
Hassett also focused on the near-term economic outlook, noting that core inflation, when averaged over the past three months and annualized, is currently at just 1.6%. He attributed this to the successful policies of the Trump administration aimed at enhancing aggregate supply and lowering prices.
“We’ve got high growth, and we have core inflation running at 1.6% if you look at the last quarter, and I think that’s about where we should be,” he remarked.
US ADDED 64K JOBS IN NOVEMBER AFTER LOSING 105K IN OCTOBER, DELAYED JOBS REPORT SHOWS
A customer shops at a Safeway store on June 11, 2024 in Mill Valley, California. Consumers continue to feel the pinch of inflation, as the November 2025 CPI report indicates food prices cost 2.6% more than one year ago. (Justin Sullivan/Getty Images / Getty Images)
Hassett further noted, “That’s where we were last time in President Trump’s first term. We were growing in the 3% range, and we had inflation in the 1% range, and it looks like that’s where we are again.” He added, “I’m not saying we’re going to declare victory yet on the price problem, but this is just an astonishingly good CPI report.”
The Bureau of Labor Statistics reported that the CPI, which measures the cost of everyday goods such as gasoline, groceries, and rent, rose by 0.2% from September to November, with a year-over-year increase of 2.7%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Barron’s Investor Circle newsletter editor Josh Schafer discusses what to expect from the delayed November jobs and inflation reports on ‘Varney & Co.’
Both figures were lower than the expectations set by economists surveyed by LSEG, who had predicted a 0.3% monthly increase and a 3.1% year-over-year figure. Core prices, which exclude volatile categories like gasoline and food, rose by 0.3% from the previous month and 2.6% year-over-year, aligning with economists’ forecasts.
Despite these positive indicators, consumers are still grappling with rising costs. The report highlighted a 2.6% increase in food prices compared to the previous year, along with higher costs in energy, transportation, and housing.
FOX Business’ Eric Revell contributed to this report.
