Breaking News: US Consumer Prices Rise 0.3% in January, Exceeding Expectations
Key Takeaways from the US Consumer Price Index Report
Inflation Ran Hotter Than Expected
The US Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for January on Tuesday, indicating an unexpected rise in consumer prices. The CPI-U increased by 0.3% on a seasonally adjusted basis, exceeding analysts' expectations.
Year-Over-Year Inflation at 3.5%
Over the year ended March 2024, the CPI rose by 3.5%, slightly higher than the 3.4% increase reported in December 2023. Core inflation, which excludes volatile food and energy prices, climbed by 0.4% in January and 4.3% on a year-over-year basis.
Global Growth Projections Revised
In a separate report released by the International Monetary Fund (IMF), global growth projections for 2024 and 2025 have been revised. Global growth is now projected to stay at 3.1% in 2024 and rise to 3.2% in 2025, slightly higher than the previous estimates of 3.0% and 3.1%, respectively. This revision is attributed to the stronger-than-expected economic recovery in several regions, including the United States.
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