Trump giving a national address on the economy. Reuters Yonhap News

The White House welcomed the slowing inflation rate in November, announced on the 18th (local time), stating that President Donald Trump had resolved the crisis from the previous Joe Biden administration.

White House spokesperson Karoline Leavitt said in a statement that day, "As President Trump told Americans last night (in his national address), inflation is continuing to fall, wages are continuing to rise, and America is heading toward a historic economic boom."

She added, "The report released today shows that inflation came in much lower than market expectations," emphasizing, "This is a stark contrast to the crisis of 9% inflation, the highest in history, caused by Joe Biden."

The November Consumer Price Index (CPI) released today by the U.S. Bureau of Labor Statistics (BLS) rose 2.7% year-over-year, below the expert forecast of 3.1% compiled by Dow Jones. The core CPI also rose 2.6% year-over-year, a lower rate compared to September's 3.0%.

The inflation crisis during the Biden administration mentioned by spokesperson Leavitt appears to refer to the 9.1% peak in June 2022, the highest in about 40 years. However, inflation was 3.0% when Biden left office.

Spokesperson Leavitt also emphasized, "With the continued decline in prices for groceries, medicine, gasoline, airfare, rental cars, and hotel stays, core inflation is at its lowest level in many years," and added, "Americans can expect the trend of low prices and high wages to continue into the new year."

In a press release, the White House also highlighted media reports and expert reactions to the inflation indicators released today as "very good numbers" and "positive news," stating, "President Trump took office promising to break the inflation and cost of living crisis he inherited, and he has undoubtedly driven this, laying the groundwork for a successful year ahead."

However, there are concerns that even if today's figures were significantly lower than expected, it is too early to consider this an indicator that inflation has ended.

CNN reported that while the new 2.7% inflation data is the lowest since July, economists warn that the sharp slowdown in figures may be due to disruptions in data collection related to a temporary government shutdown.

Kevin Hassett, Chairman of the White House National Economic Council, told reporters at the White House that day, "This is the 'Trump economy.' Our policies are changing people's lives," adding, "But when can we say we've fixed the problem and filled the hole Biden dug? It depends on what it is. For example, egg prices have been a success, but there are other areas that are taking a long time."