Despite lower petrol prices and a slowdown in rental inflation, US consumer prices rose less than anticipated in January. However, people had to pay more for services, indicating that the Fed is not in a rush to start lowering interest rates until summer.
As businesses pushed through start-of-year price increases for goods and services, including personal care, recreation, airline fares, and hospital services, underlying inflation pressures likely rose last month, according to the Labour Department’s Consumer Price Index report released on Friday. “America’s economy is set to turbocharge even further through long-overdue interest rate cuts from the Fed, a White House official wrote on social media, applauding the general slowdown in inflation.
Concerned about the job market and affordability, Americans have expressed dissatisfaction with President Donald Trump’s economic management. The announcement came after reports last week that the unemployment rate had decreased to 4.3% from 4.4% in December and that job growth had accelerated in January.Even though this has been a difficult, drawn-out process, the data generally indicate that price pressures remain too high for comfort for now, but the inflation trend remains downward, according to James McCann, senior economist for investment strategy at Edward Jones.
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