"Inflation dropped to 2.4% in January compared with a year earlier, down from 2.7% in December and not too far from the Federal Reserve's 2% target. Core prices, which exclude the volatile food and energy categories, rose just 2.5% in January from a year ago, down from 2.6% the previous month and the smallest increase since March 2021."
"And on a monthly basis, consumer prices rose 0.2% in January from December, while core prices rose 0.3%. Core inflation was held down by a sharp drop in the price of used cars, which fell 1.8% just in January from December. "Inflation continues to decelerate and is not threatening to move back up, and that will enable more rate cuts by the Fed," said Luke Tilley, chief economist at Wilmington Trust."
Inflation slowed to 2.4% year-over-year in January, down from 2.7% in December, nearing the Federal Reserve's 2% target. Core inflation, excluding food and energy, rose 2.5% year-over-year, the smallest increase since March 2021. On a monthly basis, consumer prices rose 0.2% and core prices rose 0.3% in January, with used car prices falling 1.8% and reducing core inflation. Apartment rents and gas prices moderated, while furniture, appliances, and clothing showed price increases. Overall consumer prices remain roughly 25% higher than five years earlier, keeping affordability a prominent political concern.
Read at Fast Company
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