U.S. consumer prices rise at slowest annualized pace in 14 months
The numbers: The cost of living fell 0.1% in December and posted the first decline since the onset of the pandemic in 2020, pointing to a further slowdown inflation after it hit a 40-year peak last summer.
The annual rate of inflation fell for the sixth month in a row to 6.5% from 7.1% . That’s the lowest level in more than a year and it’s down from a 40-year peak of 9.1% last summer. Yet the Fed has signaled it plans to raise interest rates several more times this year barring a sharper slowdown in price increases.
The advance in the core rate over the past 12 months dropped to 5.7% from 6% to mark the lowest level in a year.Big picture: Inflation is coming down, but not fast enough to entirely appease the Fed. The central bank wants to see price pressures — especially wage growth — ease a lot further before before it backs off its get-tough strategy.
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