The consumer price index was 0.1 per cent lower in December from November, driven by a sharp drop in energy prices.
| US inflation fell to its lowest level in more than a year after the first negative month of price pressures was recorded since the COVID pandemic hit in 2020, giving the Federal Reserve more room to ease the pace of interest-rate rises and avoid a recession.
“The data is clear: even though inflation is high in major economies around the world it’s coming down in America month after month giving families some real breathing room,” Mr Biden said. “This month’s report provides confirmation that the downshift in inflation pressures is becoming entrenched, setting the stage for another reduction in the pace of rate hikes at the upcoming” policy meeting, Ms Zentner said.“We continue to expect only one final [0.25 per cent] rate hike before a pause and an eventual first rate cut in December,” she said.
Shelter costs however — which are the biggest services component and make up about a third of the overall CPI index — increased 0.8 per cent last month, an acceleration from November.
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