In an unexpected moment of live television candor, CNBC’s senior economics reporter Steve Liesman appeared momentarily stunned on Thursday morning as he reported the latest Consumer Price Index (CPI) numbers during Squawk Box. As the figures flashed across the screen, Liesman paused—gasped, even—before delivering a pleasantly surprising update: inflation was easing more than expected.
The CPI rose just 2.7% year-over-year in November, marking a drop from the 3.0% reported in September, according to fresh data from the Bureau of Labor Statistics. The core inflation rate, which excludes food and energy—typically volatile categories—landed at 2.6%. These figures came in below forecasts, and for an economy still reeling from the aftershocks of pandemic-era spending and supply chain disruption, this was no small development.
CNBC audibly GASPS as new inflation numbers destroy expectations.
“OH, coming in a little bit better than expected. 2.7%. That is a very good number here, very low monthly rate here.”
The lowest since 2021.
Check on the Panicans. pic.twitter.com/m33wFw4Uuf— Benny Johnson (@bennyjohnson) December 18, 2025
“This is a very good number,” Liesman remarked, catching his breath as he parsed the early data. Still scanning the internal metrics live on air, he added, “I have not looked at the internals… but it suggests that the internals are good as well.”
Even his rough back-of-the-napkin math hinted at progress, with month-over-month inflation rates dipping to levels that signal a cooling trend.
It’s a sharp contrast to the red-hot inflation peak of 9% in June 2022, a historic four-decade high that arrived after the Biden administration signed off on several massive spending packages—including the $1.9 trillion American Rescue Plan.
Those policies, while designed to stabilize the post-COVID economy, drew sharp warnings from economists who feared inflationary fallout. In hindsight, their concerns appear prescient.
The Biden White House, however, is now seizing the opportunity to showcase progress. A recent fact sheet boasted of declining prices on consumer staples like butter, fruit, shampoo, and even toilet paper. Gas prices, too, have dipped, with more than 20 states averaging below $2.75 per gallon.
In the end, Liesman’s audible reaction may be emblematic of a broader national sentiment—cautious optimism, tinged with disbelief. After years of economic turbulence, Americans are eager for numbers that finally offer a breath of relief. But the road to a truly stabilized economy remains long, and as always, vulnerable to political headwinds.
