Relentless inflation and surging grocery prices have these Americans on edge 00:00 00:0001:56GO LIVE Facebook Twitter Email Embed SpeedNormal Autoplay The consumer price index (CPI) rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month. The latest read presents more challenges for Federal Reserve Chair Jerome Powell who has hinted that disinflation is underway. Still, elevated costs for everyday staples remain stubbornly high. A cashier checks out a customer at a Publix grocery store. (Jeffrey Greenberg / UCG / Universal Images Group via Getty Images / File / Getty Images) The Labor Department reported that the CPI, a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% on the month in January after a surprise decline of 0.1% in December. Annually prices remain above 6% but are down sharply from the 9.1% surge in June, which marked the highest inflation rate in almost 41 years. Customers shop in a store in Queens, New York, on Dec. 23, 2022. Still, inflation is expected to remain roughly three times higher than the pre-pandemic average on an annualized basis, underscoring the persistent financial burden placed on millions […]
Inflation rose 6.4% in January
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