Posted 1/17/2024, 12:00:00 PM
Inflation Rises More than Expected in December, Adding to Household Budget Pressures
- Inflation rose more than expected in December, underscoring the challenge of taming price pressures
- Shelter and energy costs drove the increase, while core inflation fell below 4% for the first time since 2021
- Prices remain well above the Fed's 2% target and are up 17.6% from January 2021
- High inflation continues to create financial pressures for most households forced to pay more
- Fed acknowledges more progress is needed on inflation, warns the descent to 2% could slow