Food prices have had their slowest price increase since 2021|Public Domain Mark 1.0
Consumer prices decreased by 0.1% from November to December, indicating cooling inflation. Food prices also showed their smallest monthly increase since March 2021, per the Bureau of Labor Statistics.
But The year-over-year prices slowed to 6.5% in December, which stood at 7.1% in November.
President Joe Biden rejoiced on Thursday and said, “It all adds up to a real break for consumers, real breathing room for families and more proof that my economic plan is working.”
The last time consumer prices fell on a monthly basis was in May 2020. Many agree that the Federal Reserve’s aggressive interest rate hike—to reach its 2% inflation target—is slowing down inflation.