US Inflation Rate Seen Falling to 6.5%

The annual inflation rate in the US likely slowed for a sixth straight month to 6.5% in December of 2022, the lowest since October of 2021, and compared to 7.1% in November. On a monthly basis, the CPI is seen flattening, following four consecutive months of increases, and compared with a rise of 0.1% in November. Lower energy prices most likely contributed the most to the slowdown, as gasoline costs declined nearly 12% from November to December. Meanwhile, the annual core rate is expected to fall to 5.7%, the lowest in a year, while the monthly rate is seen rising slightly faster at 0.3% versus 0.2% in November. Inflation seems to have peaked at 9.1% in June of 2022 but it still remains more than three times above the Fed's 2% target and continues to point to a broad-based increase in the general price level, namely in the services sector.

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