(Central Square) – Inflation continues to rise in the United States, according to newly released federal statistics.
Inflation rose 0.2% in January, higher than many experts had previously expected, according to a personal consumption expenditure measure released Thursday by the U.S. Bureau of Economic Analysis.
“Core PCE inflation rose significantly in January,” Harvard professor Jason Furman wrote on It was expensive,” he added.
Cost increases vary by product or service.
“Service prices rose by 0.6% and commodity prices fell by 0.2%. Food prices rose by 0.5% and energy prices fell by 1.4%,” BEA said. “The PCE price index, which excludes food and energy, rose 0.4%.”
Inflation spiked at the beginning of President Joe Biden's term. Price increases have slowed significantly, but are still not rising as slowly as many experts had hoped. At the same time, a decline in inflation does not mean that prices have fallen to pre-inflation levels.
It just means that prices are rising more slowly than before, and that many Americans are paying much more for a variety of goods and services than they were just a few years ago. means.
Another federal measure, the Consumer Price Index, shows prices have risen more than 17% since Biden took office.
The PCE marker has increased by 2.4% over the past 12 months.
Service prices rose by 3.9%, while commodity prices fell by 0.5%. Food prices rose 1.4% and energy prices fell 4.9%. The PCE price index, which excludes food and energy, rose 2.8% from a year ago.