Inflation is easing on an annual basis, but prices ticked up in January, according to new Consumer Price Index data
But despite the monthly increase of 0.5%, inflation continued to slow on a year-over-year basis to 6.4%, according to the Bureau of Labor Statistics. That’s down from December’s 6.5% but higher than economists’ projections of 6.2%, according to Refinitiv. It’s the seventh consecutive month that annual inflation has declined. There were no major Valentine’s Day surprises for the latest read on inflation.
“At the end of the day, when people say, ‘Well, what’s causing inflation?’ everybody has one answer, and the real answer is, ‘all of the above,’” she said. “If it was easy, it would have been solved already.” If it was only a supply shock, it would have passed, she said, adding that a sole demand shock would already have been knocked down by interest rate hikes. “If it was only one thing, we would know what to do, and that’s what is making it so complicated,” she said.
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