NY: Consumers contend with the scourge of inflation
WASHINGTON (AP) — Rising consumer prices in the United States moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation eased to 6.5% in December compared with 12 months earlier. It was the sixth straight year-over-year slowdown. On a monthly basis, prices actually slipped 0.1% from November to December, the first such drop since May 2020. The softer readings add to growing signs that the worst inflation bout in four decades is gradually waning. Still, the Fed doesn’t expect inflation to slow enough to get close to its 2% target until well into 2024.
“Copyright 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.”
