Inflation cooled in January for the 7th month in a row. But there's a cautionary sign: Recent spike in prices suggests that inflation may have more staying power than financial markets have anticipated.
Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain.Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain.
"There's been an expectation that it will go away quickly and painlessly, and I don't think that's at all guaranteed," Federal Reserve chairman Jerome Powell said last week."The base case for me is that it will take some time and we'll have to do more rate increases and then have to look around and see if we've done enough."
Excluding volatile food and energy prices,"core inflation" was 0.4% for the month — unchanged from December.
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