NBC’s Today had an update Wednesday on inflation following Tuesday’s release of last month’s inflation numbers with prices rising 3.2 percent, but NBC liberals wanted us to “bask in the good news for a minute” with prices falling in all sorts of sectors before conceding “grocery prices are too high” and the public “doesn't feel” the way they’re supposed to (as in positively) about the country’s economic outlook.
“With the holiday season upon us, a lot of Americans are thinking about their money. How far will their money go? Well, the latest report from the Bureau of Labor Statistics showing that, overall, prices have not changed much the last few months, but they're still up more than three percent from last year,” co-host Craig Melvin began before boasting “consumer prices are increasing at a slower rate than we've been seeing.”
Having recently made the turn to NBC/MSNBC after decades at CNN, senior business correspondent Christine Romans came right out with showing a disconnect between the New York and liberal elites (but I repeat myself) and the middle and working classes:
So, let’s bask in the good news for a minute. Remember when it was nine percent, the inflation rate? That was terrifying. And that was — that was issue number one for American families, So, 3.2 percent, that’s better than it was in September. That means prices are rising more slowly.
Romans brushed aside the fact that inflation’s “still” rising “faster than American families would want, but” nonetheless there’s been “a slow down in the inflation rate” with “airfare,” “gas prices,” and “used car prices” having fallen “last month and rents and, you know, shelter costs grew more slowly.”
She admitted that, despite stocks doing well, “most people care about the grocery bill” and it’s still “high.”
While Melvin and co-host Hoda Kotb repeatedly interspersed Romans’s analysis with “mmhmm’s” and “yeah’s”, co-host Savannah Guthrie brought things back to reality: “But I'll be the Negative Nellie. Grocery prices are still high. That’s what most people feel.”
Romans huffed that while “Fed economists” are “all excited” “about an inflation rate that’s slowing....the level of prices have” still “gone up the past two or three years” and “four of six categories that this [Consumer Price Index] measures — were higher in the most recent month.”
“So, people feel that the grocery bill today is higher than two years ago. And I think that's why the opinion polls show — everytime I say, guys, the economy’s doing okay, you know, the public says it doesn't feel that way. It doesn’t feel that way and I think grocery bills are a big part of that,” she grudgingly added.
Kotb made sure to flip back to the happy talk (click “expand”):
KOTB: You mentioned, briefly, gas prices.
ROMANS: Yeah.
KOTB: There was a tiny bit of good news there. What are you seeing?
ROMANS: They — there was.
KOTB: Yeah.
ROMANS: And that is a really big driver of these numbers, month-to-month. Gas prices have been falling. They’re down year-over-year. We’ll watch to see if a slowing U.S. economy, a little bit cooling of the U.S. economy, which is a good thing, will keep those gas prices under wraps headed into the end of the year. It's anybody's guess. This morning, a lot of the Fed watchers are saying no more fed hikes. We'll have to wait and see if Jerome Powell —
KOTB: Mmhmm.
ROMANS: — decides that he can say mission accomplished. He doesn't want any more head fakes. But this is, overall, going in the right direction, these inflation numbers.
“How clear is Christine Romans, by the way? Crystal clear,” Kotb gushed.
Back in reality, the average increase in inflation during President Biden’s time in office is 5.9 percent (see photo) whereas, for all of President Trump’s tenure, it was 1.9 percent and, despite the recent ticks down, gas prices still up 55 percent since Biden became the President in January 2021.
To see the relevant transcript from November 15, click “expand.”
NBC’s Today
May 15, 2023
7:13 a.m. Eastern[ON-SCREEN HEADLINE: Eye on Inflation as Holidays Approach]
CRAIG MELVIN: With the holiday season upon us, a lot of Americans are thinking about their money. How far will their money go? Well, the latest report from the Bureau of Labor Statistics showing that, overall, prices have not changed much the last few months, but they're still up more than three percent from last year. Bottom line, you’re still paying more, but consumer prices are increasing at a slower rate than we've been seeing. Let's bring in NBC’s senior business correspondent Christine Romans to break things down. So, Christine —
CHRISTINE ROMAN: Good morning.
MELVIN: — what — what does all of this mean overall, on a macro level?
ROMANS: So, let’s bask in the good news for a minute.
MELVIN: Yeah.
ROMANS: Remember when it was nine percent, the inflation rate?
HODA KOTB: Mmhmm.
ROMANS: That was terrifying. And that was — that was issue number one for American families, So, 3.2 percent, that’s better than it was in September. That means prices are rising more slowly. It’s still rising faster than the Fed would want, still faster than American families would want. But that is a slow down in the inflation rate. Used car prices fell last month, airfares fell last month —
KOTB: Oh.
ROMANS: — and gas prices fell last month. And rents and, you know, shelter costs grew more slowly. So, all of that was good news. That's why the Dow Jones Industrial Average had a very good day —
MELVIN: Very good day.
KOTB: Hmmm.
ROMANS: — yesterday. But, you know, most people care about the grocery bill, not the Dow, right? And so, we’re still worried about overall prices still a little bit too high.
KOTB: Yeah.
SAVANNAH GUTHRIE: Yeah. Stock market rallies cause they’re hoping interest rates won't be raised again.
ROMANS: Yes.
GUTHRIE: But I'll be the Negative Nellie.
ROMANS: Yeah?
GUTHRIE: Grocery prices are still high. That’s what most people feel.
ROMANS: And, when you talk about an inflation rate that’s slowing, that gets, you know, Fed economists all excited —
KOTB: Mmhmm.
ROMANS: — cause that's what they wanted to see. They’re bending that curve. But, for us, the prices are still higher, the level of prices —
KOTB: Mmhmm.
ROMANS: — have gone up the past two or three years. So, when you go to the grocery store, you still feel it. You know, grocery prices — four of six categories that this CPI measures — were higher in the most recent month. So, people feel that the grocery bill today is higher than two years ago. And I think that's why the opinion polls show — everytime I say, guys, the economy’s doing okay, you know, the public says it doesn't feel that way.
MELVIN: Hmmm.
ROMANS: It doesn’t feel that way and I think grocery bills are a big part of that.
KOTB: You mentioned, briefly, gas prices.
ROMANS: Yeah.
KOTB: There was a tiny bit of good news there. What are you seeing?
ROMANS: They — there was.
KOTB: Yeah.
ROMANS: And that is a really big driver of these numbers, month-to-month. Gas prices have been falling. They’re down year-over-year. We’ll watch to see if a slowing U.S. economy, a little bit cooling of the U.S. economy, which is a good thing, will keep those gas prices under wraps headed into the end of the year. It's anybody's guess. This morning, a lot of the Fed watchers are saying no more fed hikes. We'll have to wait and see if Jerome Powell —
KOTB: Mmhmm.
ROMANS: — decides that he can say mission accomplished. He doesn't want any more head fakes. But this is, overall, going in the right direction, these inflation numbers.
MELVIN: Okay. Thank you, Christine.
KOTB: How clear is Christine Romans, by the way?
GUTHRIE: Thank you, Christine!
MELVIN: It was a great pickup.
KOTB: Crystal clear.
MELVIN: It was a great pickup.
KOTB: Stand clear!
GUTHRIE: Thank you.
ROMANS: Thank you.
KOTB: Thanks, Christine.
