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  • 1440 Daily Digest

Inflation Ticks Up



Annual inflation in the US rose 3.4% in December, a 0.3% rise from November and slightly higher than analysts' expectations, according to new government data released yesterday. Inflation peaked in June 2022 at 9.1% and has remained under 4% since May.


The consumer price index, which measures price changes for a basket of goods and services, rose 3.9% year-over-year when excluding volatile food and energy prices. Over half of the increase stemmed from rising shelter costs, which rose 0.5% from November and 6.2% year-over-year. Analysts claim elevated mortgage rates have reduced supply and pushed up housing prices. See a detailed breakout of prices for various commodities here.


The Federal Reserve, responsible for maintaining inflation at 2%, has held the federal funds rate between 5.25% and 5.5% three times after 11 raises since March 2022. The Fed is expected to reduce rates this year, possibly as soon as March.

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