The US is experiencing less pressure due to rising living costs thanks to a sharp decline in energy prices, particularly gasoline. According to the US Labor Department, annual US inflation was 6.5% as of the end of December, down from 7.1% in November. That marked the sixth consecutive month that the pace decreased and was the smallest increase in more than a year.
Compared to November, some products, including oranges and bananas, even saw outright price drops. Due to the decrease in gasoline prices, prices decreased by 0.1% over the month. President Joe Biden praised the study in remarks on Thursday.
We’re undoubtedly headed in the right direction, he declared. It all comes together to give consumers a proper break, more breathing room for families.” But some analysts cautioned that the price relief was spreading slowly from energy to other items.
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