Business
December CPI: Inflation remained persistently high as Fed rate cuts on hold
‘The Big Money Show’ panel discusses whether small businesses are being squeezed by inflation, high borrowing costs and corporate dominance as Wall Street profits soar and bankruptcies on Main Street hit record highs.
Inflation rose at a steady pace in December and remained persistently above the Federal Reserve’s target rate as policymakers consider the case for interest rate cuts amid economic uncertainty.
The Bureau of Labor Statistics said on Tuesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% on a monthly basis in December and held steady at 2.7% on a year-over-year basis.
Both of those figures were cooler than the expectations of economists polled by LSEG.
So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 2.6% from a year ago. Those figures were slightly below economists’ expectations of 0.3% and 2.7%, respectively.
This is a developing story. Please check back for updates.
