Here’s the latest on inflation…
December saw inflation cool a bit in line with economists’ predictions thanks to a decline in gas and energy costs —but consumer prices are still painfully high.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, fell 0.1% in December from the previous month. Prices climbed 6.5% on an annual basis.
From Fox News:
Those figures were both in line with forecasts by Refinitiv economists, potentially giving the Federal Reserve a reason to further slow its aggressive interest rate hike campaign when policymakers meet next month.
It marked the slowest annual inflation rate since October 2021 and the slowest monthly rate since April 2020, at the height of the COVID-19 lockdowns. Still, inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices.
The House Republicans’ Twitter account shared a reminder that inflation is a tax on all Americans along with a list of how expensive it is to live in the Biden economy.
#Bidenflation is a tax on ALL Americans!
?Fuel Oil is UP 41.5%
?Transportation is UP 14.6%
?Electricity is UP 14.3%
?Food at home is UP 11.8%
?Food away from home is UP 8.3%
?Shelter is UP 7.5%
?New Cars is UP 5.9%
?Medical Care is UP 4.1%
— House Republicans (@HouseGOP) January 12, 2023
More over at Fox Business:
BREAKING: Inflation eases in December to 6.5%, but prices remain stubbornly highhttps://t.co/6BPrHvoDwJ
— FOX Business (@FoxBusiness) January 12, 2023