Inflation fell 6.5% in the US.

US inflation falls to 6.5% in the last 12 months

Inflation fell to 6.5% in December from the previous 12 months, he announced. The government on Thursday. This is the sixth year-over-year slowdown Consecutive. In monthly terms, prices fell by 0.1% from November to December, the first such fall since May 2020.

US consumer price inflation declined again for the month past, fuelling hopes that controlling inflation over Economy continues to decline this year and may require less action The Federal Reserve is drastic to stop it.

Despite a gradual slowdown, inflation remains a painful one Reality for many Americans, largely due to the rise of Food, energy and rent prices for the past 18 months.

US prices dropped in December for first time since May 2020 as inflation rate fell to 6.5% https://t.co/ZNmwWWfQj4

— The Guardian (@guardian) January 12, 2023

The reading adds to growing signs of the worst inflation in four years. decades is gradually declining. Still, the Fed doesn't expect the inflation slows enough to approach its 2% target by 2024. The central bank is expected to raise its base rate by at least one quarter point when it is fulfilled. At the end of the month.

Supply chain delays that previously inflated the cost of The products have largely been solved. Consumers too spent less on physical goods and opted more for
services such as travel and entertainment. As a result, the cost of goods, including cars used, furniture and clothing, has fallen for two consecutive months.

For now, inflation has declined, including the national average price of a gallon of gasoline from $5 in June to $3.27 on Wednesday.