Headline RoundupFebruary 14th, 2023

Annual Inflation Rose 6.4% in January

Summary from the AllSides News Team

Inflation rose 6.4% in January on an annual basis, according to the Consumer Price Index Summary released Tuesday morning by the Bureau of Labor Statistics.

The Details: Inflation rose 0.5% from the month before and 6.4% over the prior 12 months. This marked a slight drop in the 6.5% annual growth pace from December 2022. The report cited the shelter index as the “dominant factor in the monthly increase in the index” for items not included in the food or energy indexes. This resulted in a 0.5% increase in the average cost of living, according to MarketWatch.

How The Media Covered It: ABC News framed the data as overall good news for the economy, and placed it in context of the past year’s inflation battle to show an overall cooling. The article states that “strong hiring and easing inflation has buoyed hopes among some economists that the U.S. could avert a recession” and placed a quote pessimistic about the economy in the last paragraphs. MarketWatch and Fox Business both framed the data as an indication that the U.S. has a long way to go in its battle against inflation. MarketWatch’s first paragraph cited the cost of living increase as being the “biggest increase in three months.” Fox Business stated that inflation “remained steady compared to last month” but emphasized the “persistent financial burden placed on millions of U.S. households by high prices.”

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