Inflation fell but remained stubbornly high in December, squeezing Americans in the form of higher prices for basic necessities like groceries and rent.
"While recent improvements in overall inflation are undeniable, and we expect the top-line readings to ease considerably, all one has to do is look at the price of eggs to remind us of just how difficult the Fed’s task is," Brusuelas said. Shelter costs, which account for about 40% of the core inflation increase, rose 0.7% for the month and 7.5% over the past year. Rent costs jumped 0.8% over the month and 8.3% on an annual basis.
A"For Rent" sign outside an apartment building in the East Village neighborhood of New York, on July 12, 2022.
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