Hot November inflation report was probably the best the White House could have hoped for at this point

The Labor Department’s consumer inflation report showed that prices are still jumping.

But as hot as 6.8% year over year inflation is, Friday’s consumer price index report is probably the best the Biden administration could have hoped for at this point. 

While virtually every economist expects inflation to stay high for the foreseeable future, some on Wall Street had worried before Friday’s data release that inflation could have leaped as high as 7% or more in November.