Inflation continues to lose some steam in the United States, but it is slowing down.
In January, the interannual rate fell for the seventh consecutive month, to 6.4%, according to data published Tuesday by the Bureau of Labor Statistics.
It is the lowest level since October 2021, when it stood at 6.2%.
However, it is only one tenth less than the 6.5% with which 2022 closed, which shows the resistance of prices to moderate their rises.
Core inflation, which excludes food and energy, also dropped one tenth, to 5.6%.
Both rates, the headline and the core, are already very close and show that it will not be easy to return to the 2% target that the Federal Reserve sets for price stability.
Jerome Powell, the president of the central bank, is determined to keep raising interest rates until demand shows signs of cooling off enough to take pressure off prices.
This Tuesday's data was somewhat higher than expected by analysts, who were confident that the year-on-year rate would drop to 6.2%.
The first half of 2022 experienced the fastest price rises in the last four decades and it is to be expected that year-on-year inflation will continue to drop in the coming months due to this base effect, discounting the worst months, and this gives investors hope.
In January, monthly inflation was 0.5%.
The housing index was by far the largest contributor to this, accounting for almost half of the monthly increase for all items, with the food, gasoline and natural gas indices also contributing.
The food index rose 0.5% over the month, while the food at home index rose 0.4%.
The energy index rose 2% over the month as all major components of the energy index rose over the month.
The falls in gasoline and gas prices of the previous months have been reversed in January.
In the annual rate, food in the shopping basket still increased by 11.3% and energy by 8.7%, mainly due to the increase in the cost of electricity (11.9%) and gas (26.7% ).
Powell has been trying for a year to achieve the difficult soft landing of the US economy, that is, control inflation without actually causing a recession.
After the last meeting of the Federal Reserve, he acknowledged that the disinflation process is underway, but qualifying that it has not spread to all sectors.
The Federal Reserve chairman has repeatedly warned that he will not let down his guard until prices are clearly under control.
The labor market is still very constrained, with the unemployment rate at 3.4%, the lowest in more than half a century, and this continues to be a threat for inflation to take root.
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