Last year, the Federal Reserve’s seven interest rate hikes finally showed results, as the Consumer Price Index (CPI) for December came on par with analyst estimates, rising 6.5% year-over-year and declining 0.1% over the prior month. This marks the third consecutive month witnessing a year-over-year decline in inflation.
Inflation was down considerably from the highs of June last year when it rose 9.1% year-over-year. Although inflation shows signs of cooling, the jobs market remains tight as the U.S. jobless claims for the week ended December 31, 2022, fell to their lowest level in three months.
