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But in recent months, inflation has shown signs of cooling. In June, the rate of inflation fell 0.1%, marking the lowest monthly growth rate since May 2020 and a two-thirds decrease from June 2022.
In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. [156] Inflation is believed to have played a major role in a decline in the approval rating of President Joe Biden, who took office in January 2021, being net negative starting in October of that year. [157]
The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 3% over the prior year in January, an uptick from December's 2.9% annual gain in prices.
Both measures were slightly better than economist forecasts of a 0.2% month-over-month increase and 5.1% annual increase, according to data from Bloomberg. The 5% jump in inflation marks the ...
Primarily driven by supply chain bottlenecks, inflation is a threat to the health of the economy, but the rise in prices has been good for some.
Core CPI (blue) is less volatile than the full CPI-U (red), shown here as the annual percentage change, 1983–2021. A Core CPI index is a CPI that excludes goods with high price volatility, typically food and energy, so as to gauge a more underlying, widespread, or fundamental inflation that affects broader sets of items. More specifically ...
Inflation peaked at 7.1% in June 2022 after the economy had accelerated out of the pandemic recession at a time of severe shortages of parts and labor, according to the gauge released Thursday ...
US stocks soared in early trading following the release of the data. The 10-year Treasury yield dropped 18 basis points to trade near 4.45%, while the 30-year Treasury yield declined roughly 13 ...