Consumers Could Be Pushed’ Over The Edge’ Due To New Inflation Numbers – By Lauren Dubois (IB Times) / Feb 25, 2023
The newest inflation numbers are not showing promising things to weary consumers looking for a break, as the Personal Consumption Expenditures Price Index showed a 5.4% rise in headline inflation from a year ago and 0.6% for the month Friday. The numbers, which come on the heels of the consumer price index revealing a 6.4% gain year over year and a 0.5% increase for the month, will likely mean consumers need to continue tightening their budgets as prices will remain high.
With inflation still seemingly out of control and nowhere near the Federal Reserve goal of 2%, price increases are likely to continue throughout the year, experts warn, though at a slower pace.
“We’re looking at higher than normal price increases, certainly through 2023 and probably through much of 2024, as well,” William Luther, director of the American Institute for Economic Research’s Sound Money Project told CNBC.
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