US prices continued to rise despite Trump claim of ‘rapidly' falling prices

Economic Overview - US prices rose by 2.7% year-over-year as of November, down from 3% in September and below economists' expectations of 3.1% [1][2] - The longest federal government shutdown in US history has affected the collection of key economic data, resulting in no inflation report for October and limited data for November [2] Inflation and Employment - Price growth, which peaked at 9.1% in June 2022, has since retreated but remains above standard levels, with concerns about affordability persisting [3][5] - The unemployment rate rose to 4.6% in November, the highest in four years, although the economy added 64,000 jobs, exceeding economists' expectations [4] Federal Reserve Actions - The Federal Reserve has reduced interest rates three times this year but has resisted deeper cuts despite pressure from the Trump administration [8] - Current interest rates are between 3.5% and 3.75%, with Fed officials indicating a potential pause in further rate cuts as inflation and unemployment appear to be stabilizing [9] Public Sentiment and Political Implications - Recent polls indicate that Americans are increasingly blaming Trump for rising prices, with his net approval on economic issues declining [7] - The Yale Budget Lab estimates that Trump's tariffs will increase costs by $1,700 for the average American household, despite some exemptions [6]