INFLATION NATION! Labor Dept. Report Shows Inflation Hotter Than Expected in January

posted by Hannity Staff - 2.13.24

Americans continue to struggle with sky-high prices…

According to a Fox Business report, the Labor Department’s January inflation report is hotter than expected thanks to a jump in grocery and housing costs, underscoring the challenge of taming price pressures within the economy.

From Fox Business:

The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last year.

Both of those figures came in higher than the 0.2% monthly increase and 2.9% headline figure forecast by Refinitiv economists.

Other parts of the report indicated that inflation has been slow to retreat. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4%, or 3.9% annually. Both of those figures are slightly higher than estimates.

Altogether, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains above the Federal Reserve’s 2% target.

Even CNBC couldn’t deny the grim news.

Watch the clip below:

This story is developing…

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