Inflation slowed for a third straight month in December to 6.5%, helped by lower gas prices
Inflation and layoffs were some of the biggest finance topics of 2022. What does this say about the U.S. economy going into 2023?Inflation eased substantially for a third month in December as tumbling gasoline prices and a moderating rise in grocery bills offset another surge in rent.
Federal Reserve Chair Jerome Powell says the Fed won't feel confident that inflation is sustainably slowing -- allowing it to pause its aggressive interest rate hikes -- until pay increases in service industries throttle back. “That is helping,” Cheryl Stewart, of Perry Hall, Maryland, said of the recent decline. “It definitely frees up the money for something else.”
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