January CPI 6.4% Higher on Year, Slightly Above Expectations
On Monday, all three major U.S. indexes gained over 1% ahead of the latest Consumer Price Index (CPI) report. Prior to a revision, the CPI declined 0.1% in December compared to the month prior, the largest decline in two years.
Signals of cooling inflation in last month's report raised optimism among traders that the Federal Reserve would halt its interest rate hikes.
According to revisions released on Friday, December's data was revised to show a 0.1% increase in December.
The recently released data by the Bureau of Labor Statistics (BLS) showed the index in January up 6.4% on the year, the smallest annual increase since October 2021. This marked the seventh consecutive month of year-over-year declines...
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