Inflation, as measured by producer wholesale prices, slowed to 7.4% for the year ending in November, according to a report Friday from the Bureau of Labor Statistics.
That year-over-year inflation rate was down from 8.1% the month before, but it was a bit higher than what forecasters expected.Looking at the past several months, it appears as though inflation peaked and is on its way down, which is good news for President Joe Biden, whose approval has been undercut by soaring costs for households. Annual wholesale inflation reached its zenith in March, clocking in at 11.7%, but it has now been in retreat for the past few months.
The Federal Reserve has been raising interest rates to tame inflation, but the trade-off is that rising interest rates slow demand and can result in a recession. Fed Chairman Jerome Powell has made it clear that the Fed won’t let up with tightening until inflation starts returning to its preferred 2% level, although recent comments indicate that the pace of the tightening will begin to slow.
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