US Treasury Department forecasts having inflation under control by 2023
The Secretary of the Treasury, Janet Yellen, showed optimism when the last CPI for 2022 was released, which showed a significant slowdown but remained within the highest records of the last 40 years.
The latest inflation forecasts from the US Treasury Department show that consumer prices will remain in check for the next five years, but not before reaching an all-time high in 2022.
The latest 2022 Consumer Price Index from the Bureau of Labor Statistics, released at the end of the year, showed a significant slowdown from previous years, but remained within the highest records of the last 40 years. The CPI rose 1.3% in 2022 and reached an average of 4.1% throughout the year, compared to 3.8% in 2021 and 3.7% in 2020.
Treasury Secretary Janet Yellen was optimistic after the release of the CPI report, saying it “confirms that inflation remains under control.”
“This is good news for the American people,” he told a news conference on Thursday morning. “It means that people can still afford to buy things they need without feeling like they’re paying too much.”
Last CPI of 2022 maintained signs of slowdown
One of the biggest problems of the Joe Biden administration showed a better-than-expected close. The last CPI of 2022 marked, as estimated by the industry, a new slowdown. The consumer price index rose 0.1% in November (more than the 0.3% expected), helped by the fall in the cost of gasoline. Thus, the annual inflation rate decreased to 7.1% from 7.7% in October and a maximum of 9.1% in June.
Fuel values have fallen since the summer, reversing last spring’s big rise that pushed inflation to a 40-year high. As a result, the cost of living has risen more slowly in the last four months.
Wall Street and the Federal Reserve, led by Jerome Powell, have paid special attention to the underlying rate, seeing it as a preview of future price trends. The annual core inflation rate fell to 6% from 6.3% the previous month. Meanwhile, the rate reached a maximum of 6.6% in November.
But the estimates for 2023 are even more encouraging. Treasury Secretary Janet Yellen predicted that the US will see “significantly lower” inflation this year, barring unforeseen events.
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