The US Bureau of Labor Statistics just released their December 2023 inflation read which showed the consumer price index increased 3.4% in the year through December, the most in three months and on a monthly basis, it also rose by more than forecast.
The shift up was driven by Americans paying more for housing and driving, challenging investor bets that the Federal Reserve will cut interest rates soon. Used-car prices increased for a second month, defying expectations for a decline.
The CPI excluding food and energy rose 0.3% in December from a month earlier. On an annual basis, the so-called core measure increased 3.9%. Economists favor the core metric as a better gauge of the trend in inflation than the overall CPI.
Shelter prices, which make up about a third of the overall CPI index and contributed to more than half of its advance, rose 0.5% in December. The gain included a rise in hotel prices that were down in the prior month. Economists see a sustained moderation in this category as key to bringing core inflation down to the Fed’s target.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
