The Labor Department reported that inflation rose 6.4% in January, marking the seventh straight month of easing inflation since peaking at 9.1% in June. Although the U.S. inflation is moderating from historic highs, the pace of easing showed signs of leveling off with energy, housing, food, and other items keeping some pressure on prices.
Fed Chair Jerome Powell remarked that the process of lowering inflation to their goal of 2% is likely going to be ‘bumpy.’
