Inflation firmed and consumers stepped up spending in January, likely leaving the Federal Reserve on track to keep raising interest rates
Personal-consumption expenditures price index, the Fed’s preferred gauge, rose 5.4% from year earlier
Amid high inflation, people are splurging more than ever on luxury items while still penny-pinching on other goods and services such as groceries. WSJ’s Daniela Hernandez explains why. Photo Composite: David Fang in coming months to cool price pressures. households rose a seasonally adjusted 1.8% in January from the prior month, the Commerce Department said Friday, compared with a revised 0.1% decrease in December. The spending figure adds to recent evidence that the U.S. economy remains vibrant.
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