VOA News | Tuesday, February 13, 2024 
US Inflation Slows as Price Pressures Ease Gradually

WASHINGTON — Annual inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is gradually and fitfully coming under control. Tuesday’s report from the Labor Department showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month. Compared with a year ago, prices are up 3.1%. That is less than the 3.4% figure in December and far below the 9.1% inflation peak in mid-2022. The latest reading is well above the Federal Reserve’s 2% target at a time when public frustration with inflation has become a pivotal issue in President Joe Biden’s bid for re-election. Excluding the volatile food and energy categories, so-called core prices climbed 0.4% last month, up from 0.3% in December and 3.9% over the past 12 months. Core inflation is watched especially closely because it typically provides a better read of where inflation is likely headed. The annual figure is the same as it was in December. Biden administration officials note that inflation has plummeted since pandemic- related supply disruptions and significant government aid…Read more