Inflation Cooled Just Slightly, With Worrying Details
Inflation has slowed from its painful 2022 peak but remains uncomfortably rapid, data released Tuesday showed, and the forces pushing prices higher are proving stubborn in ways that could make it difficult to wrestle cost increases back to the Federal Reserve’s goal.
Inflation has slowed from its painful 2022 peak but remains uncomfortably rapid, data released Tuesday showed, and the forces pushing prices higher are proving stubborn in ways that could make it difficult to wrestle cost increases back to the Federal Reserve’s goal.
The Consumer Price Index climbed by 6.4% in January compared with a year earlier, faster than economists had forecast and only a slight slowdown from 6.5 percent in December. While the annual pace of increase has cooled from a peak of 9.1% in summer 2022, it remains more than three times as fast as was typical before the pandemic.
And prices continued to increase rapidly on a monthly basis as a broad array of goods and services, including apparel, groceries, hotel rooms and rent, became more expensive. That was true even after stripping out volatile food and fuel costs.
Taken as a whole, the data underscored that while the Federal Reserve has been receiving positive news that inflation is no longer accelerating relentlessly, it could be a long and bumpy road back to the 2% annual price gains that used to be normal. Prices for everyday purchases are still climbing at a pace that risks chipping away at economic security for many households.
60% of Americans Live Paycheck to Paycheck — ‘Inflation is Part of Their Everyday Lives,’ Experts Say
As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report.
California Faces Blizzard Threat as Winter Storm Causes Outages across U.S.
As rare blizzard warnings were issued for the Southern California mountains, combined outages due to ice, high winds and heavy snow across the U.S. left more than 800,000 customers without power as of early Friday February 24.
SME IPO: Sealmatic India's Initial Public Offering (IPO) Subscribed by 45% on the First Day.
The issue received strong demand from retail investors.