US Inflation Rate Out Today!
January 9, 2023Brace yourself!
Will the rate of inflation slow for the sixth consecutive month in the US when the latest inflation rate report is released today?
Trading Economics reported the annual inflation rate in the US slowed for a fifth straight month to 7.1% in November of 2022, the lowest since December last year and below forecasts of 7.3%. It follows a reading of 7.7% in October.
At that time, energy costs increased by 13.1%, below 17.6% in October, due to gasoline (10.1% vs 17.5%), fuel oil (65.7% vs 68.5%), and electricity (13.7% vs 14.1%). A slowdown was also seen in food prices (10.6% vs 10.9%), while prices of used cars and trucks declined by 3.3% (after a 2% rise in October).
On the other hand, the cost of shelter increased faster (7.1% vs 6.9%). Compared to the previous month, the CPI edged up only 0.1%, the least in three months, and also lower than forecasts of 0.3%.
The shelter was by far the most significant contributor rising by 0.6% and more than offsetting a 1.6% drop in energy cost.
Despite the bigger-than-anticipated slowdown, the annual inflation is set to remain more than three times the Fed’s 2% target, pointing to overall price increases across the economy.
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