Today’s Consumer Price Index (CPI) report shows inflation is at 6.4% year-over-year in January – down slightly from 6.5% in December. Prices for housing and shelter remain stubbornly high, accounting for nearly half of monthly inflation.
Groundwork’s Chief Economist Dr. Rakeen Mabud responded to today’s inflation report with the following statement:
“Inflation has fallen for seven straight months and the labor market continues to be relatively strong. It’s increasingly clear that we don’t have to manufacture mass joblessness and economic devastation to bring down prices. The Fed should stop trying to do just that.”
Email press@groundworkcollaborative.org to speak with Dr. Rakeen Mabud about the latest inflation numbers and the Fed’s misguided interest rate hikes.