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Inflation rose 2.5% in January according to the PCE index, which is the measurement the Federal Reserve watches most closely. This matched what economists expected.
While inflation has fallen significantly from its 9% peak in mid-2022, it’s still higher than the Fed’s 2% goal. Another inflation measure, the Consumer Price Index, showed prices rising at 3% in January.
Economists note that these persistent inflation figures validate the Federal Reserve’s decision in January to hold off on further interest rate cuts. Consumer sentiment is deteriorating amid these economic pressures, with a CBS News poll revealing most Americans feel their incomes aren’t keeping up with inflation, affecting their ability to save and make discretionary purchases.
The University of Michigan’s consumer sentiment index for Democratic-leaning consumers has plummeted to its lowest level since the 2008 economic collapse, with Comerica Bank’s chief economist noting that concerns about tariffs, potential spending cuts, and deportation fears appear to be reducing discretionary spending.
