Inflation unexpectedly rose to 5.4% annually in January, as measured by the gauge favored by the Federal Reserve.
The rise in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis is another sign that inflationary pressures are not abating in the face of the Federal Reserve’s campaign to slow price gains by hiking interest rates. Inflation is still running much hotter than the central bank’s target and damaging household purchasing power.
Friday’s latest inflation report comes after two other inflation reports for January came in hotter than expected and appeared to show that inflation is proving sticky, despite the barrage of interest rate hikes conducted by the Fed over the past year. Additionally, the 6.4% registered by the consumer price index in January was only down a tenth of a percentage point from December’s annual rate of inflation, further raising fears that the Fed’s aggressive crusade against rising prices isn’t working as quickly as it should.
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