U.S. inflation rose last month with the price of groceries, gas, and used cars increasing, which could push the Federal Reserve to delay any interest cuts and severely hamper President Donald Trump’s ability to fulfill his campaign promise of bringing down prices.
The rising prices were a major political headache for former President Joe Biden during last year’s campaign, and while Trump has promised to bring down prices, most economists believe that his proposed tariffs on a range of countries will do the opposite.
The numbers reveal that following inflation’s steady decline in 2023 and for large parts of last year, it has been above the Federal Reserve’s goal of two percent for about the last six months.
The consumer price index increased by three percent in January compared to a year ago, according to a Wednesday report from the Labor Department.
The consumer price index is up 2.9 percent compared to last month, the Labor Department report found.
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