U.S. Inflation Surges To 3% In January, Slashing Hopes Of Interest Rate Cuts
U.S. consumer prices came in higher than expected in January as inflation showed few signs of slowing down.
U.S. consumer prices came in higher than expected in January as inflation showed few signs of slowing down.
Consumers will reportedly pay 5% less than last year on Thanksgiving dinner items, according to the American Farm Bureau. However, the average cost is still around 19% higher than it was before the COVID-19 pandemic.
Consumer prices rose slightly more than expected in September amid higher food costs, but the annual increase in inflation was the smallest in more than 3-1/2 years.
Import prices dropped by the most in eight months in August, suggesting that domestic inflation will continue to subside in the months ahead.
Inflation rose once again in the month of August, causing stir from an outsize rate cut from the Federal Reserve when it meets next week.
U.S. consumer prices fell for the first time in four years in June amid cheaper gasoline and moderating rents.
Joe Biden’s spending is being blamed for causing food prices to soar. One America’s Nathaniel Mannor brings us the latest.
In September, the inflation rate in the United States increased to 3.7%, surpassing economists’ forecasts, according to new data from the Bureau of Labor Statistics.