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Inflation continued to cool in January

Posted on AllSides February 14th, 2023
From The Left
Amanda Andrade-rhoades/Reuters, FILE

Consumer prices rose 6.4% last month compared to a year ago, continuing a monthslong slowdown of price increases despite blockbuster job growth that revealed an economy running hotter than expected, government data on Tuesday showed.

The data marked the seventh consecutive month of smaller price hikes. In December, year-over-year inflation was 6.5%.

Inflation has fallen significantly from a summer peak but is more than triple the Federal Reserve's target of 2%.

Despite the slowdown in price hikes, the costs for some items have skyrocketed over the past year. The price...

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