The Strategist

US consumer goods prices fall for the first time in 2.5 years

01/13/2023 - 09:59

According to information from the Department of Labor, the consumer price index (CPI) in the US decreased by 0.1% at the end of December. Since May 2020, the country's consumer goods prices haven't decreased month over month.

Mobilus In Mobili
Mobilus In Mobili
A press release from the ministry claims that cheaper gasoline in the US is the main cause of the decline in commodities prices. Additionally, while the month-end food price index grew by 0.3%, gasoline prices decreased by 9.4% in the same time period.

The CPI in the USA was 6.5% at the end of last year. Due to the US Federal Reserve's rapidly hiked lending rates toward the end of the year, the figure sharply decreased.

The 12-month CPI reached its highest point since 1981 in June, rising to 9.1%. However, the nation's inflation rate for 2022 was far higher than the Fed's target of 2%.