Inflation rises again in December as high prices weigh on consumers
Date
1/16/2025 1:55:27 AM
(MENAFN) Inflation increased once more in December, putting additional strain on consumers’ finances as the Federal Reserve prepares to make its next decision on interest rates.
The US labor Department reported that the consumer price index (CPI), which tracks the cost of everyday items like gasoline, groceries, and rent, rose by 0.4 percent in December, pushing the annual increase to 2.9 percent. This is the highest annual inflation rate since July 2024.
The monthly increase was slightly higher than economists' expectations, though the annual figure matched predictions. The December reading showed a rise compared to November’s 2.7 percent, while the month-to-month growth rate held steady from the previous month.
Core prices, which exclude the more volatile costs of gasoline and food, increased by 0.2 percent from November to December, in line with expectations but lower than the 0.3 percent rise in November. On an annual basis, core prices rose by 3.2 percent, slightly below expectations and down from 3.3 percent in November.
MENAFN16012025000045016755ID1109096004
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.