Posted 12/28/2023, 5:49:16 PM
Inflation Slows but Prices Keep Rising; Food, Shelter Still Push Inflation Over Target
- Food prices are still increasing, just at a slower rate - now around 3% rather than over 9% in 2022
- Major drivers keeping inflation over 2% target include food at home, electricity, new vehicles, apparel, medical commodities, shelter, transportation services
- Some items like energy commodities, gasoline, fuel oil, piped gas, used vehicles, and medical services have decreased in price
- The price decreases are mainly in products disrupted by the Ukraine war like energy
- Inflation rate at the end of 2023 is around 3.2%, down from over 9% in 2022
