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This is CBS, I Am the World. I'm John Bachelor. The American economy, part of the global

economy is struggling with the post-pandemic supply chain, the worldwide inflation, the

war in Europe, the threat from the people's Republic of China and Joseph Sternberg is

here. He's a member of the editor of the World's Street Journal. He's in London. He writes

political economics, but he watches America very closely. Right now, America is watching

this headline. Inflation eased to 7.1% in November. That's the World's Street Journal's upbeat

summary of what was said to be a better than expected number. However, the Labor Department

said that its consumer price index, a measurement of what consumers pay for goods and services,

from 7.1% in November from a year ago, down sharply from 7.7% in October. The pace built

on a trend of moderating price increases since June's 9.1% peak, but it remained well

above the 2.1% average rate in the three years before the pandemic. Joe, it is the amateur

in me that wants to lean forward and say, hey, 7.1 is a long way from two. How is this

a good number? Can you explain why there is celebrating, Joe?

Well, they're celebrating because it is a less bad number than some of the other recent

inflation rates that we've had published in these monthly surveys. But you're absolutely

right. I mean, what people need to understand is what the inflation rate actually is that

...