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U.S. inflation slows down, raising hopes

A New Jersey store in December, 2022 Associated Press/Photo by Ted Shaffrey, file

U.S. inflation slows down, raising hopes

The Labor Department reported Thursday that the annualized rate of inflation declined from 7.1 to 6.5 percent in December, making it the sixth straight month that inflation has slowed. The report also consumer prices going down by 0.1 percent in December — the first month-to-month decline in consumer prices since May 2020, according to the Labor Department.

Why is this inspiring hope? The report indicates that inflation is on a sustained downward trend, meaning the United States might be on the upswing from what has been its worst bout of inflation in roughly 40 years. The report may also encourage the Federal Reserve to ease back on, or even entirely pause, its campaign to raise interest rates even further.

Dig deeper: Read Jerry Bowyer’s column in WORLD Opinions about how investors still give the U.S. economy a no-confidence vote for 2023.

Josh Schumacher

Josh is a breaking news reporter for WORLD. He’s a graduate of World Journalism Institute and Patrick Henry College.

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