Inflation subsides but at a slower pace than expected by the Fed after raising interest rates to curb consumption. According to a Labor Department report released Tuesday, the consumer price index rose 0.3% from December to January, up from 0.2% the previous month.
Compared to a year ago, prices rose 3.1%. This figure is down from 3.4% in December and is well below the inflation peak of 9.1% seen in mid-2022. However, the latest inflation figures remain well above the 2% target set by the Federal Reserve.