Updated January 11, 2024, 3:22 p.m. ET
Prices rose in December, a reminder of the pressures consumers still face after a year in which inflation fell by almost half and paychecks increased, leading to real wage gains in 2023 for the first time in three years led.
Cooling inflation from historic highs keeps the Federal Reserve on track to keep interest rates steady later this month and consider cutting them later this year. But Americans are not yet in the clear. The consumer price index rose 3.4% in December from a year earlier, the Labor Department said Thursday. The acceleration since the 3.1% rise in November shows that inflation has not yet been completely conquered.
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