Biden’s Parting Gift: Inflation Accelerated In December

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Title : Biden’s Parting Gift: Inflation Accelerated In December
Link : Biden’s Parting Gift: Inflation Accelerated In December

U.S. consumer prices climbed at a faster rate in December, capping off the inflation-plagued Biden administration’s final year and suggesting that the Federal Reserve’s efforts to bring down inflation may have run out of steam.

The Consumer Price Index increased 0.4 percent from November, pushing the annual inflation rate to 2.9 percent, according to the Labor Department. That marked the swiftest monthly rise in headline inflation since February, driven primarily by higher costs for eggs, groceries, and a 4.4 percent jump in gasoline prices. Core inflation, which strips out the volatile food and energy categories, offered a somewhat more optimistic view. The core index rose 3.2 percent year-over-year, edging down from three straight months of 3.3 percent gains. This slight deceleration came as a surprise to forecasters, who had expected core inflation to remain flat.

While inflation has come down significantly since mid-2022—when it peaked at a four-decade high of over 9 percent—the pace of improvement has slowed considerably. Over the past several months, progress has been uneven, and inflation appears to have plateaued at a high level inconsistent with the Fed’s two percent target. (Read More)