Labor Department reports inflation now at a 6.5 percent annual rate.
The U.S. Department of Labor released its January consumer price index Tuesday which reflected a half percentage point jump in inflation. The monthly price growth accelerated in January from the numbers in December. Yet annual inflation continues a slow decline from the high of 9.1 percent it reached last June, a 40-year high.
Food prices showed the greatest increase in January with housing costs close behind. Annualized, grocery prices are up 11.3 percent, energy is up 8.7 percent, and housing costs are up 7.9 percent.
Inflation “continues to be much too high,” said Michelle Bowman of the Federal Reserve. “While there are costs and risks to tightening monetary policy to lower inflation, I see the costs and risks of allowing inflation to persist as far greater,” she said.
As the Lord Leads, Pray with Us…
- For Labor Department officials as they gather data on the economy and consumer pricing.
- That Secretary Marty Walsh would seek God’s wisdom as he leads the Labor Department.
- For the chairman and members of the Federal Reserve as they continue to address inflation.
Sources: The Hill, Wall Street Journal, Axios
