Inflation rose 0.5% in January, more than expected and up 6.4% from a year ago
Publishing timestamp: 2023-02-14 12:26:51
Summary
Inflation rose in January by 0.5%, higher than expected, due to increases in shelter, food and energy prices. This caused a decrease in real pay for workers and markets were volatile following the release. The Federal Reserve has hiked its benchmark interest rate eight times since March 2022 to try and quell the problem. The report also showed some good news, such as medical care services, airline fares and used vehicle prices decreasing. The Fed is now looking more closely at core services inflation minus shelter prices to determine their policy. Markets expect the Fed to raise its overnight borrowing rate another half percentage point from its current target range of 4.5%-4.75%.
Sentiment: MIXED
Tickers: .DJI,
Keywords: breaking news, jerome powell, breaking news: economy, business news, economy, markets, inflation, consumer prices, breaking news: markets, interest rates, dow jones industrial average,
Source: https://www.cnbc.com/2023/02/14/consumer-price-index-january-2023-.html