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Biden administration signals Friday’s inflation data could be high

President Joe Biden, bracing for another jump in inflation, sought to reassure Americans on Thursday that rises in energy costs and other key goods were starting to ease, but said the change might not be reflected in November data due on Friday. The consumer price index (CPI) for November is expected to have risen 6.8% compared with the same month last year, a Reuters poll of economists showed, overtaking a 6.2% increase in October, which was the fastest gain in 31 years. “The information being released tomorrow on energy in November does not reflect today’s reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market,” Biden said in an unusually long statement issued ahead of Friday’s data.

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