New York Post
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Inflation rose higher than expected in December, putting chill on imminent Fed cuts
Posted
January 12, 2024
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January 12, 2024
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1:08Now PlayingUS inflation rose 3.4% in December, a larger-than-expected increase that could delay the prospect of three interest rate cuts the Federal Reserve plans for this year. NY Post Business Reporter Shannon Thaler shares this story.
December’s Consumer Price Index — which tracks changes in the costs of everyday goods and services — came in above the 3.2% figure economists at FactSet expected, and marks an advance from the 3.1% growth reading in November — the lowest monthly reading since June.
The latest inflation figure — more than half of which was driven by persistently stiff housing costs — is significantly lower than the 6.5% advance in December 2022.
Still, there’s a ways to go before inflation is tamped down to the Fed’s 2% target — a rate the US economy hasn’t seen in over a decade.
Fed Chair Jerome Powell has said that the 2% reading likely won’t happen until 2025 after they chose to hold the rate steady following their meeting last month. The central bankers had signaled that they would begin cutting the Fed fund rate — currently between 5.25% and 5.50% — this year.
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#inflation #business #consumerpriceindex
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