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Over the past 12 months, gasoline prices have risen 1.3 percent, well below the peak jump of 59.9 percent in June 2022 but still the first year-over-year increase since September 2023.
The CPI started this past year at 3.1%, jutted higher in March — an increase feared as a reacceleration — kept interest rate cuts off the table but ultimately was short-lived.
[143] [144] On July 27, the Fed announced a fourth rate rise by 0.75 points, bringing the rate to a range between 2.25% and 2.5%; although an expected move to combat the inflation, the rise has been seen more cautiously as there are signs that the economy is entering a recession, which the rate rises could potentially aggravate.
In the 12 months through December, the so-called core inflation advanced 2.8%, matching the increase in November. U.S. stocks opened higher. The dollar rose against a basket of currencies.
Annual inflation ticked up for a third straight month in December as food, energy costs rose, CPI report showed. But underlying price measure eased. Inflation rose to 5-month high in December.
In the 12 months through December, PCE inflation advanced 2.6%. That was the biggest gain in seven months and followed a 2.4% rise in November. ... Core inflation rose at a 2.2% annualized rate in ...
But in recent months, inflation has shown signs of cooling. In June, the rate of inflation fell 0.1%, marking the lowest monthly growth rate since May 2020 and a two-thirds decrease from June 2022.
The shelter index is up 4.6% over the past year, which is the smallest 12-month increase since January 2022. Transportation prices rose 0.5% in December and are up 7.3% from a year ago.