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The Federal Reserve’s preferred inflation measure revealed prices rose 0.6% in January, higher than expected.

The monthly and yearly numbers came in higher than expectations.  Much of the increase came in food and energy prices.

Dow Falls 400 Points As Surprisingly Hot Inflation Data Threatens More Aggressive Fed Policy

— Forbes (@Forbes) February 24, 2023

USNews reported:

In yet another sign the battle against inflation is not going to be easy, the Federal Reserve’s preferred inflation measure showed prices rose 0.6% in January as the monthly and yearly increase came in higher than expectations, according to the Bureau of Economic Analysis.

The personal consumption expenditures price index gained 0.6% for the month, compared to estimates of a 0.4% rise. The annual level is now 5.4%, compared to a revised 5.3% in December.

The core personal consumption expenditures price index, omitting often volatile food and energy prices, rose 0.6% for the month and 4.7% on an annual basis. Analysts had been looking for a yearly rate of 4.4%.

All of the levels are well above the Fed’s target for inflation, averaging an annual level of 2%, but the trend and direction of inflation is what ultimately matters. Much of the increase in January came from a pick-up in energy prices, which rose 2%. Annually, energy prices are 9.6% higher, but food prices rose 11.1% from a year ago.

The post Biden Economy: Feds Inflation Gauge Shows Prices Rose Unexpectedly in January – Monthly, Yearly Increase Higher than Expected appeared first on The Gateway Pundit.

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