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That's considerably down from october and november when inflation was up .8 and .9% respectively. one reason why it came down in december, why the rate of inflation was slower in december is because energy prices actually fell after growing 6% in october and november. they actually fell half a percent in december. >> okay. matt eagen joins us now. give us your take. >> well, clearly the cost of living is going up. in some cases, pretty dramatically. consumer prices up by 7% from a year ago. the biggest spike in 39 years. month over month, yes, price gains did decelerate, but they will still up...

Cautiously optimistic that in the comes months, inflation may peak. maybe this winter or spring. but the better question might be where does inflation land once it peaks? because if price gains continue to be elevated well above the fed's 2% target, that is going to be a real problem for the economy and remember, as much we talk about the white house, it's the fed's job to maintain price stability and prices are ending up stable. so the question is whether or not the fed can fight inflation without doing too much that it actually hurts the economic recovery. >> all right, matt eagen, thank you...

Federal reserve just raised interest rates for the first time since 2018. the quarter of a percent increase increase marks the end of the fed's near zero rates seen during the height of the pandemic. >> let's join matt eagen and catherine pell. >> we know inflation is on fire and the good news is as of 2:00 p.m. today, the firefighters has arrived on the scene to try to put this blaze out. the bad news though is that it feels like they're pretty late. inflation has been really hot for a while now and it's going in the wrong direction and the further that inflation gets away from healthy levels...

Seen oil prices go up, sorry, come down by more than 20%, yet gasoline prices have actually gone up a little bit. now energy experts i've talked to say that's going to change. we should see the national average come down 20, 25 cents a gallon, but it's going to take some time. i think the fact that the president is tweeting about sort of the intricacies of how energy markets work really says a lot about how closely they are following gas prices. how much frustration they have with this energy issue and also how important this is to inflation because the longer that gas prices stay high, the wo...

Ultra low. very expansionary. this is not going to make a big dent on inflation or economic activity, but the real question is how does the fed respond in the months ahead particularly given these enormous shocks we've seen because of the russian ukraine war and because of a lot of lockdowns in china. >> matt, can we talk about oil and gas prices? price of oil coming down. gas prices not as quickly. the president wants to see those gas prices come down. is there some correlation? or is it just not how this works? >> it is how it works, but the timing is the key here. the president is pointing ...