The latest slate of U.S. economic data tells a story about the economy that’s sure to please monetary policymakers: more signs of fading inflation, with consumers dialing back on spending.
The data is the latest to suggest the Fed may have cover to pull back on interest rate increases, with inflation pressures appearing to dissipate.The Producer Price Index, which measures wholesale prices, fell 0.5% in December, a much bigger drop than the 0.1% decline economists anticipated.
The index is up 6.2% in the 12 months through December, down from 7.3% in the year ending in November. The "core" index that excludes food, energy and trade services was also more benign than expected, rising by 0.1%.retail sales also declined by 1.1% in December, a sign that consumer spending eased, even during the busy holiday shopping season.
Spending increased in just a few categories, including sporting, groceries and building material stores. Retail sales figures are not adjusted for inflation.The Fed says its war on inflation is far from over. But, for policymakers at least, the economic data points to a welcomed slowing in demand.
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