Tuesday's report from the Labor Department showed that the consumer price index rose 0.3% from December to January.
FILE - An associate checks over a big-screen television on display in a Costco warehouse Tuesday, Feb. 6, 2024, in Colorado Springs, Colo. Inflation cooled less than expected last month in another reminder that getting the rate of price increases back to normal ranges will be a long and difficult task.
While inflation has slowed from the highs of 9.1% in 2022, it is still above the Fed’s target of 2% on an annual basis. The rate of price increases had gradually slowed as the Fed raised interest rates to cool spending and economic activity but eliminating the last roughly 1% over the Fed’s preferred range has been a slower process.
Inflation has frustrated many Americans, many of which hold pessimistic views about the economy and its future despite low unemployment and strong growth. Grocery prices are significantly higher than they were pre-pandemic and Tuesday’s report showed they accelerated in January from the month prior. Grocery prices increased 0.4% from December, and the cost of dining out also increased 0.5%.
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