A high-profile report on inflation to be released Tuesday morning could show another month of cooling prices and add to evidence that the pressures on American households are gradually easing.
, Powell noted that there had been some progress in easing inflation in goods and housing but not so in most services. Physical goods like used cars, furniture, clothing and appliances have become steadily less expensive since the summer.
Housing costs, which make up nearly a third of the consumer price index, are still rising. But real-time measures of apartment rents and home prices are starting to drop after having posted sizzling price acceleration at the height of the pandemic. Powell said those declines will likely emerge in government data next year and should help reduce overall inflation.
Services businesses tend to pass on some of their higher labor costs to their customers by charging more, thereby perpetuating inflation. Higher pay also fuels more consumer spending, which allows companies to raise prices. On Wednesday, the Fed will likely raise rates for a seventh time this year, a move that will further increase borrowing costs for consumers and businesses. Still, the central bank is expected to raise its key short-term rate by a smaller half-point, after four straight three-quarter-point increases. That would leave its benchmark rate in a range of 3.75% to 4%, its highest level in 15 years.
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