Consumer prices last month were 6.4% higher than a year ago. However, prices rose 0.5 between December and January — the fastest one-month gain since October of last year.
Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain.But there's a cautionary sign: While the 12-month price increase was slightly lower, prices surged between December and January, suggesting inflation is still far from tamed.Tuesday. That's the lowest annual inflation reading since October 2021.
The Federal Reserve has already raised interest rates by 4.5 percentage points since last March in an effort to curb inflation. Fed policymakers have hinted at two more rate hikes, totaling 0.5 percentage points, in the coming months."We expect 2023 to be a year of significant declines in inflation and it's actually our job to make sure that that's the case," Powell said, in an appearance before the Economic Club of Washington.
"We are entering the higher-priced spring and summer driving season, and so drivers should brace for that," said Devin Gladden of AAA."It will likely be a volatile year given how much uncertainty remains around the economy."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Annual Inflation Rose 6.4% in JanuaryInflation rose 6.4% in January on an annual basis, according to the Consumer Price Index Summary released Tuesday morning by the Bureau of Labor. See the potential biases and similarities in reports from foxbusiness, abc and marketwatch:
Les mer »
Here's the breakdown of the inflation report for January — in one chartHigh inflation persisted in January, with the consumer price index rising 6.4% on an annual basis.
Les mer »
US inflation expands 0.5% month-on-month in January, meets estimates; crypto markets dipInflation was in line with estimates for the month-on-month increase, but above estimates year-on-year.
Les mer »
Inflation eased again in January – but there's a cautionary signInflation cooled in January for the 7th month in a row. But there's a cautionary sign: Recent spike in prices suggests that inflation may have more staying power than financial markets have anticipated.
Les mer »
U.S. stocks open higher after worst week since December as investors await inflation reportU.S. stocks opened modestly higher on Monday as investors cautiously awaited a report on the state of U.S. consumer-price inflation in January, which is due...
Les mer »
NY Fed: One-year consumer inflation expectation stays unchanged at 5% in JanuaryThe Federal Reserve Bank of New York's monthly Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation
Les mer »