Inflation Slows To 6.5% In December
deadline.comThe annual inflation rate dropped to 6.5% in December, raising hopes that the red hot rise in prices is easing. The Consumer Price Index for the month was lower than the 7.1% in November.
December saw the smallest increase in the index since October, 2021. The drop in the rate was due to a fall in gas prices, along with airfares and used cars and trucks, according to the Bureau of Labor Statistics.
There was a rise in the cost of shelter, household furnishings, recreation and apparel. Some economists were optimistic about the number, even as there is still a great deal of caution of declaring inflation under control.
The rate is still a ways from the Federal Reserve’s general target of a 2% annual rate. Mark Zandi, chief economist for Moodys Analytics, wrote on Twitter, “Inflation is on its back heels.
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