Consumer prices increased by 5% in December compared to the same month one year ago.
The Federal Reserve’s preferred indicator of inflation cooled in December – though prices still remain much higher than normal as the central bank mulls its next move on interest rates.
The annual rate cooled compared to November, when it came in at 5.5%, but is running well above the Fed’s 2% inflation target. In a sign of progress in the Fed’s fight against inflation, prices increased at their slowest rate since late 2021. Personal spending adjusted for inflation fell by 0.3% in December and was revised to show a drop of 0.1% in November, signaling that consumers have adjusted their shopping habits due to high prices. The data showed Americans slashed their spending on goods and poured more of their money into covering the cost of services.
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