CPI rose at 2.7% annual rate in December as inflation remains sticky
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
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Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
With higher prices for beef, customers are looking for alternatives.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
Persistent inflation remains a pain point for consumers — and for the Federal Reserve as it weighs whether to lower interest rates.
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The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
A new study from SmartAsset reveals varied increases in grocery prices depending on where you live.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
The across-the-board 10 percent tariffs apply to a wide range of imported materials and goods.
Some consumers support the tariffs, believing they will benefit the U.S. economy in the long run.
Americans express concern about their ability to pay bills and save money.
Sharp drop in closely watched consumer sentiment gauge marks the biggest monthly decline in confidence in more than four years.
The U.S. Labor Department reports that grocery prices were up 1.8% in December compared to the previous year.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
Americans have struggled with high grocery costs since inflation soared during the pandemic. Now prices are falling.
The new prices are expected to be implemented on October 1 and some are not happy about it.
The monthly report is viewed as key factor in whether the Federal Reserve cuts its benchmark interest rate in September.
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