The U.S. annual inflation rate slipped to 8.3 percent, higher than the market forecast of 8.1 percent. This is the first time the consumer price index (CPI) has fallen year-over-year since August 2021.
According to data from the Bureau of Labor Statistics (BLS), the core inflation rate, which excludes the volatile food and energy sectors, jumped 6.2 percent, topping economists’ expectations of 6 percent.
On a month-over-month basis, inflation rose 0.3 percent, and core inflation jumped 0.6 percent.
It was still a broad-based inflation report, with the main indexes up from the same time a year ago.
Food prices surged 9.4 percent, while energy prices soared 30.3 percent. New vehicles advanced 13.2 percent, used cars and trucks surged 22.7 percent, and apparel rose 5.4 percent. Shelter costs increased 5.1 percent.
…