Inflation ticked back up in January
Customers order at the register at Tacos A Go Go, 3773 Richmond Ave., on Tuesday, Feb. 7, 2023 in Houston.Inflation will not go down without a fight, the Labor Department reported Tuesday., bringing inflation to an annualized rate of 6.4 percent. Core CPI, a measure that excludes historically volatile food and energy prices, rose 0.4 percent, for year-over-year inflation of 5.6 percent.
Housing was the key culprit, accounting for nearly half of the monthly increase. Rising prices of food, gasoline and natural gas also played a significant role, the Labor Department said.'Absolutely stunning': Sky-high egg prices put damper on some of Houston's restaurants, bakeries The top-line number, 6.4 percent, means inflation has cooled slightly since December, when the annualized reading stood at 6.5 percent, and significantly since last summer, when inflation hit 45-year highs around the country and double digits in the Houston area.
But the monthly increase was greater than economists expected, putting markets in a slightly sour mood to kick off Valentine's Day and reinforcing the impression that the Federal Reserve will continue to battle inflation with interest-rate hikes. Fed Chair Jerome Powell reiterated last month that policymakers are aiming to return inflation to a rate of 2 percent.
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