Posted 1/12/2024, 12:00:00 PM
Inflation Jumps Again in December, Up 3.4% Over the Year as Prices Keep Climbing for American Families
- Inflation rose 0.3% in December, higher than expected, due to increases in food, electricity, and rent costs
- Prices climbed 3.4% over the last 12 months and are up 17.6% since January 2021
- Biden acknowledged more work is needed to lower costs for families and workers
- Inflation remains well above the Fed's 2% target; December was a "step back" in the battle against high prices
- 50% of Americans say their financial situation has worsened since the 2020 election, compared to just 21% who say it has improved