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January 30, 2023

Inflation, spending cooled in December

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.

Friday's report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year increase in November. It was the third straight drop.


 
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