Even without taking food and energy prices into account, core inflation rose 5.2% in January compared with a year earlier.
"It is alarming because high inflation is especially painful for lower- and middle-income people, who don't have a choice about paying more for gasoline, groceries, shelter and other necessities," Governor Christopher Waller said."It is alarming because of the risk that high inflation could become ingrained in people's expectations and prove difficult to rein in, undermining economic growth.
"I know this is hard and Americans are already hurting," Biden said."I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me." The Federal Reserve is expected to raise interest rates several times throughout the year, starting in March. It has to strike a delicate balance between increasing rates enough to curtail inflation but not raising them so much that they trigger a recession.
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