Top Trump economist calls new inflation data ‘blockbuster,’ says economy mirrors first-term gains
White House economic adviser says November CPI data beat forecasts from a number of economists
Biggest tax refunds in US history are coming, Trump economist says
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.
White House National Economic Council Director Kevin Hassett praised Thursday’s consumer price index (CPI) report, which showed inflation rose less than expected.
"It was just an absolute blockbuster report," Hassett told "Varney & Co."
"Before the numbers come out, we look at the forecast from everybody we can find on Bloomberg. We've looked at 61 forecasts, and this number came in better than every single one of them," he added.
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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 continued, honing in on the near-term trajectory. He added that core inflation, when averaged over the past three months and annualized, is running at just 1.6%, which he argued reflects the success of the Trump administration’s efforts to boost aggregate supply and push prices lower.
"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 said.
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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)
"And don't forget, 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 said.
"I'm not saying we're going to declare victory yet on the price problem, but this is just an astonishingly good CPI report," he added.
The Bureau of Labor Statistics said Thursday that the CPI, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% over the two months from September to November, while it increased to 2.7% on a year-over-year basis.
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Both figures were cooler than the expectations of economists polled by LSEG, who projected a 0.3% monthly rise and a 3.1% year-over-year figure.
Core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% from the prior month and 2.6% year over year, a figure in line with economists' expectations.
Consumers, however, are still feeling the pinch of prices as the report indicates a 2.6% increase in the cost of food compared with a year ago. Other areas, such as energy, transportation and housing are also higher than a year ago, per the report.
FOX Business' Eric Revell contributed to this report.
