JUST IN: Inflation slowed to 6.4% in January, a signal that the Federal Reserve's interest rate hikes are working.
Food prices increased 10.1% from last January — the ninth-consecutive double-digit annual increase for that category, though still down from its August peak.
It's one reason Fed Chairman Jerome Powell told an audience last week he intends to keep interest rates higher for longer, until inflation gets closer to that 2% target. By maintaining those supersized interest rates, Powell There wasn't much of a slowdown for prices in January, according to Pantheon Macroeconomics research group chief economist Ian Shepherdson. In a note to clients Monday, Shepherdson said rebounding gasoline prices and ongoing increases in rents kept overall prices higher last month. A sudden, if modest, increase in used vehicle prices — in contrast to recent steep declines in that market — also pushed costs upward.
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