Prices up 2.6% in December from a year before, report says

Americans spent 2.6% more on goods and services in December than they did a year before, the Bureau of Economic Analysis reported on Friday. Excluding food and energy, Americans’ spending increased 2.8% compared to a year before. The numbers indicated a slight rise in inflation. Conversely, Americans' personal income increased slightly compared to the previous month, the bureau said.

What is the U.S. inflation rate, currently? Federal Reserve Chairman Jerome Powell earlier this week said the inflation rate was sitting at just slightly above the 2 percent objective—a rate the central bank hoped to maintain for the long term. The Fed will maintain its interest rates at around 4.25-4.5% until its next meeting, Powell said.

Dig deeper: Read David L. Bahnsen’s column in WORLD Opinions from earlier this month analyzing former President Joe Biden’s economic legacy.