The inflation rate reached 3.4 percent in December
December saw an increase in inflation from 3.1% to 3.4%, indicating that the Federal Reserve will need to keep pushing for a 2% consumer price rise.
3.2% was expected to be the reading.
Inflation every month was 0.3%, while core inflation—which deducts the volatile costs of food and energy—was 3.9%, which was lower than November's figure of 4% but more than anticipated at 3.8%.
Even while many people may not see a significant change in the economy, some are beginning to feel better about it.
However, 2023 saw a notable drop in price increase following two years of very high inflation that drove up the price of necessities.
In November 2022, the 12-month rate of inflation was 3.1%, down from a peak of 9% in the summer of 2022. According to economists' predictions, the rate wo...