Inflation eased to 6.5% in December compared with 12 months earlier.
following the release of a closely watched report that’s viewed as a good indicator of whether Wall Street’s recent optimism is warranted or overdone.Inflation eased to 6.5% in December
Vice President Kamala Harris looks on as U.S. President Joe Biden delivers remarks about border security policies in the Roosevelt Room in the White House on January 5, 2023 in Washington, DC. Even as it gradually slows, inflation remains a painful reality for many Americans, especially with such necessities as food, energy and rents having soared over the past 18 months.
At the same time, average hourly pay growth slowed, which should lessen pressure on companies to raise prices to cover their higher labor costs.is that Americans overall expect price increases to decline over the next few years. That is important because so-called "inflation expectations" can be self-fulfilling: If people expect prices to keep rising sharply, they will typically take steps, like demanding higher pay, that can perpetuate high inflation.
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