Inflation is rising at its fastest rate in over a year and a half, causing experts to predict that the Federal Reserve will keep rates steady at next month’s Federal Open Market Committee meeting.
New data released from the U.S. Bureau of Labor Statistics on Wednesday showed that the Consumer Price Index (CPI) rose 0.5% in January, the fastest monthly increase since August 2023, according to the New York Times. It was more than the expected gain of 0.3%, with energy prices up 1.1% and food up 0.4%. In comparison, the CPI only rose by 0.4% in December.
Federal Reserve Chair Jerome Powell said on Wednesday that the CPI data reiterated
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