Inflation is measured by annual growth rate and index. So what was the latest inflation reading and when is the next inflation report. Let’s find out by reading the article below.
What was the latest inflation reading?
According to data released by the US Department of Labor on January 12, the annual inflation rate in the United States for the 12 months ended December 2022 was 6.5%, compared with the previous inflation rate of 7.1%.
When Is The Next Inflation Report?
The next inflation update is scheduled for February 14, 2023 at 8:30AM ET. It will provide inflation rates for the 12 months to January 2023.
December CPI
Inflation continued to slow year-over-year in December, a welcome relief for U.S. households and a positive development for policymakers at the Federal Reserve and the White House.
Consumer prices climbed 6.5 percent in the year to last month, down from 7.1 percent in November, as prices fell slightly on a month-to-month basis. Annual inflation was the weakest since October 2021, a pullback that followed lower gasoline prices and lower airfares.
Economists and Fed officials are paying more attention to the so-called core inflation measure, which excludes food and fuel prices, for an understanding of underlying price trends. The measure rose 5.7% in December from a year earlier, compared with 6% previously, in line with forecasters' expectations.
The conclusion is that inflation is moderating meaningfully. But the key question now is how quickly and quickly the economy will return to normal after a year and a half of exceptionally fast growth, with policymakers concerned that a broad-based deceleration could be a long one.
Several factors should help slow price increases this year. Lower commodity price inflation is expected to help cool headline inflation this year as supply chains resume. Rising rental costs drove up inflation in December and may continue to do so for some time, but that is expected to reverse by mid-2023. Rents for newly leased apartments are starting to rise slowly, private data show, which will be reflected in the government's official inflation gauge over time.
But Fed officials are closely watching price changes for other services, including hotel rooms, tickets to sporting events and health care. They worry that unusually fast service sector inflation could push prices up faster than the central bank's target. The Fed targets an average inflation rate of 2%, using a price measure that is different from, but related to, the Consumer Price Index.
I hope this article will help you to learn what was the latest inflation reading and when is the next inflation report. Remember The next inflation update is scheduled for February 14, 2023 at 8:30AM.
