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That would be well below the 40-year high of 9.1% in mid-2022 and modestly above the Federal Reserve’s 2% goal. ... December’s elevated inflation reading likely bolsters the Fed’s case to ...
The shelter index is up 4.6% over the past year, which is the smallest 12-month increase since January 2022. Transportation prices rose 0.5% in December and are up 7.3% from a year ago.
In the 12 months through December, the so-called core inflation advanced 2.8% after increasing 2.8% in November. The Fed has forecast only two rate cuts this year, down from the four it had ...
The U.S. inflation rate in December 2022 was 6.5%. The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily.
Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. [154] In September, the Fed increased the interest for a fifth time in the year reaching a 14-year high. [155] 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]
Even as price pressures eased from the 9.1% peak of the current inflation cycle, last month's reading marked the second-hottest December CPI print since 1981, topped only by 7.1% in December 2021.
Some likely one-time price spikes pushed up overall inflation, with gas prices jumping 4.4% just in December. Prices at the pump have risen by much less since then, moving up 7 cents on Wednesday ...
The Federal Reserve began cutting rates in September following a flurry of hikes that helped tame inflation after it hit a four-decade high of 9.1% in June 2022.