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“Still far from the target.” Deceleration of inflation in the USA.

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Inflation in the US slowed down in December last year, but the index is still far from the target set by the US Federal Reserve (the central bank).

Data released today by the US Department of Labor showed that the consumer price index rose 6.5% year-on-year in December 2022 after rising 7.1% in November 2022.

This indicates some easing in price pressure, and also gives the US Federal Reserve (Central Bank) the opportunity to slow down the interest rate hike at its next meeting.

Despite slowing inflation, the index is still well above the Federal Reserve’s inflation target of 2%.

On a monthly basis, U.S. consumer prices fell 0.1% in December last year after rising 0.1% in the previous month (November 2022).

What’s notable about the data is that core inflation, which excludes food and energy prices, rose 5.7% year-on-year and 0.3% month-on-month.

In terms of unemployment, the US Department of Labor said the number of jobless claims in the country dropped unexpectedly in the week ended Jan. 7 to 205,000 new claims, less than market expectations of 216,000 applications.

Source: Prime

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