Fed’s Favored Inflation Gauge Likely Stalled
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Inflation picked up
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U.S. stock indexes are ticking higher on Wednesday following a better-than-expected update on inflation across the country.
New data from the Labor Department shows inflation ticked up to its highest level since February in June with consumer prices rising at an annual rate of 2.7%. CBS News MoneyWatch correspondent Kelly O'Grady has more.
A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.
The report on producer prices adds to a mixed picture for inflation as the economy adjusts to the imposition of import tariffs.