Hassett comments on inflation, citing rising energy costs

Kevin Hassett, Director of the National Economic Council, commented on inflation after the Bureau of Labor Statistics reported consumer prices rose 0.4% in October, a slowdown from 0.6% in September. Hassett called the October report “disappointing” and noted that prices excluding food and energy advanced 0.3% for the third consecutive month. He stated that energy costs are adding pressure to prices, citing a 20% annual increase in the CPI energy component and 37% in gasoline.

Hassett noted that while lower drug prices had restrained inflation earlier in the year, higher energy costs are eroding that relief. The commentary highlights that energy price increases are driving inflation pressure beyond just fuel costs, impacting broader consumer price trends.