US inflation falls to 6.5% in December

Down from 7.1% in November

Annual US inflation came in at 6.5% in December 2022, falling from 7.1% the month before.

The monthly report from the Bureau for Labor Statistics found that the gasoline index was "by far" the largest factor in the decrease, after the index fell 9.4% in a month. Inflation excluding the food and energy index, or ‘core inflation', also saw a fall, dropping from 6% to 5.7%. However, there were still areas where prices remained on an upward climb, most notably shelter, as prices rose 0.8% over the month. World Bank cuts 2023 global growth projection to 1.7% The price of food also continued to increase, rising 0.3% in December following a 0.5% increase in November. Th...