US consumer inflation falls to 3.1pc in January, but less than expected
US consumer inflation cooled in January but at a slower rate than expected, resisting President Joe Biden's efforts to soothe families' cost of living concerns in an election year. U.S. President Joe Biden The closely watched Consumer Price Index rose 3.1 percent from a year ago last month, down from 3.4 percent in December, the Department of Labor said on Tuesday. Food prices bite "Breaking the three percent level is proving tougher than expected," said Navy Federal Credit Union corporate economist Robert Frick, on the headline CPI figure. Despite likely "inflation pessimism" for now, EY chief economist Gregory Daco said several factors "should still form the perfect mix for disinflation through 2024." Federal Reserve Chair Jerome Powell "has indicated the Fed wants to see a continued streak of low inflation readings before easing policy," Nationwide economist Oren Klachkin told AFP.
US Federal Reserve could be in difficult spot with higher prices, slower hiring
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