February 14, 2023:
Inflation accelerated on a monthly basis in January, surging past investor expectations as prices continue to climb, according to the Bureau of Labor Statistics (BLS).
Prices climbed 0.5% on a monthly basis in January after declining by 0.1% in December, while growing 6.4% on an annualized basis from 6.5% in December, according to the BLS. Inflation shot past economists’ expectations, with a Dow Jones poll predicting a 0.4% monthly increase and 6.2% annual hike, CNBC reported.
While growing 6.4% on an annualized basis from 6.5% in Decembe inflation remains more than three times above the Federal Reserve’s target rate of 2%, according to The Wall Street Journal.