Hassett praises ‘blockbuster’ inflation number, says economy echoes past gains
White House National Economic Council Director Kevin Hassett Joins ‘Varney & Co.’ discussing the November CPI report, tax refunds, the anticipated White House announcement on housing reform and more.
The Director of the National Economic Council at the White House, Kevin Hassett, praised Thursday’s report on consumer prices (CPI), which showed that inflation rose below expectations.
“It was a complete blockbuster report,” Hassett told Varney & Co.
“Before the numbers come out, we look at the forecast from everyone we can find at Bloomberg. We looked at 61 forecasts, and this number came out better than any of them,” he added.
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Kevin Hassett, director of the National Economic Council, outside the White House in Washington, DC, Wednesday, December 10. (Aaron Schwartz/CNP/Bloomberg/Getty Images/Getty Images)
Hassett continued, honing the near-term trajectory. He added that core inflation, when measured three months ago and annualized, is running at only 1.6%, which he said shows the success of the Trump administration’s efforts to increase supply and lower prices.
“We have high growth, and we have core inflation running at 1.6% if you look at the last quarter, and I think that’s 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 CPI report for November 2025 shows that food prices are 2.6% more expensive than one year ago. (Justin Sullivan/Getty Images/Getty Images)
“And don’t forget, that’s where we were last during 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 crisis, but this is just an incredibly positive CPI report,” he added.
The Bureau of Labor Statistics said Thursday that the CPI, a broad measure of how much everyday goods such as gas, groceries and rent cost, rose 0.2% in the two months from September to November, while it rose 2.7% year-over-year.
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Barron’s Investor Circle newsletter editor Josh Schafer discusses what to expect from November’s delayed jobs and inflation reports at ‘Varney & Co.’
Both figures were cooler than the expectations of economists polled by the LSEG, which indicated a 0.3% monthly increase and a 3.1% year-on-year figure.
Core prices, which exclude variable measures of fuel and food to better gauge price growth trends, were up 0.3% from the previous month and 2.6% year-on-year, in line with economists’ expectations.
Consumers, however, are still feeling the pinch as the report points to a 2.6% increase in food costs compared to last year. Other areas, such as energy, transportation and housing are also higher than last year, according to the report.
Eric Revell of FOX Business contributed to this report.
