While the annual rate has declined from last Summer….
In the last few months it is NOT dropping….
Ole’ Jerome at the Fed keeps raising rates but THAT is NOT stopping business from continuing to raise their prices for good’s and services….
This ain’t helping President Biden’s poll numbers either….
Consumer prices rose 0.5 percent in January and 6.4 percent annually, according to Labor Department’s consumer price index released Tuesday, a jump in inflation which could encourage the Federal Reserve to further raise interest rates.
Core inflation, which excludes volatile food and energy prices, came in at 0.4 percent on a month-to-month basis and 5.6 percent annually.
Annual inflation continues to decline from its high of 9.1 percent in June, a 40-year high.
Still, the pace of monthly price growth accelerated in January from December, when prices rose 0.1 percent.
Food prices rose 0.5 percent in January, while housing costs rose 0.7 percent, making up for the bulk of the increase.
Read more: The 5 weirdest things measured by the CPI
The annual inflation figure, which came in slightly above analysts’ expectations, may push the Fed into steeper or more interest rate hikes in an effort to slow the economy and reduce demand for goods and services. …