NEW: Inflation drops to 6.5% in December as price pressures ease
The much-anticipated numbers from the Consumer Price Index show that, while inflation is still far too high, it is continuing to cool in response to the Federal Reserve's aggressive interest rate hikes. Inflation had been 7.1% the month before.
After four consecutive meetings of historic 0.75 percentage point rate hikes, the Fed down throttled a bit during its December meeting and opted for a 0.5 percentage point hike . The economy added 223,000 more jobs in December, the Bureau of Labor Statistics reported last week, a strong performance that shows commerce is holding up despite the headwinds. The unemployment rate fell to 3.5%, tied for the lowest rate since the late 1960s.
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