The Administration is describing the predicted higher inflation numbers in the Consumer Price Index December report as "transitory," according to Axios, as they did earlier in the year to abate anxieties that the numbers are marking a much longer trend upward.
They want to put the predicted 7 percent growth for the year into the context of worldwide prices and the 5 percent increase in the Eurozone, according to Axios.
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"We expect the print to be firm, as we have seen in the past few months," Michael Pyle, the chief economic adviser to Vice President Kamala Harris, explained, according to Axios. "But we expect the trend lines, as we roll into 2022, to turn toward deceleration."
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Investors are concerned the higher inflation rate could lead the Federal Reserve to increase interest rates to compensate for the growth, Reuters reported Monday.
The markets were "muted" Monday amid fears of the COVID-19 pandemic cutting consumer spending while the Federal Reserve hikes rates and slows the "cheap" cash flow, according to the report.
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A different concern for the Administration is the economy is rapidly advancing to the top of the mind for voters. The country is moving into the midterm election season, which could spell doom for Democrats attempting to maintain narrow majorities in the House and Senate, as well as causing Biden's sinking poll numbers to plummet further, The Washington Post reported Dec. 29.
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"Regardless of how you look at it, inflation is going to be with us for a good period of time," Joe Brusuelas, chief economist at global accounting and finance firm RSM, told the Post.
Making matters even worse, the pandemic and continuous supply chain problems are keeping demand for some products high and the supply low.
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Gasoline and food products, which affect most voters on a daily basis, are still growing, in some cases, at record levels.
According to the report, prices in November rose at the fastest rate in four decades, hiking 6.8 percent over the last year.
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American Farm Bureau Federation President Scott Bennett told the Post, at some point, people will just stop eating beef because of the high price.
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"It's concerning to see the price of beef at the grocery store," he announced. "At what point does it get that beef just isn't sold because the rent's too high? Beef competes with poultry and pork."
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