Overall U.S. inflation rose 6.5% for 2022, showing substantial improvement later in the year following a series of Federal Reserve interest-rate hikes
Inflation and layoffs were some of the biggest finance topics of 2022. What does this say about the U.S. economy going into 2023?Inflation nationally cooled at the end of last year and metro Phoenix dropped from the top of the list of large cities tracked by the federal government.
Overall U.S. inflation rose 6.5% for the 12 months through December, showing substantial improvement later in the year following a series of interest-rate hikes by the Federal Reserve. Nationally, inflation got as high as 9.1% in June 2022, a 40-year high. Despite the improvement toward year end, 2022 was marked by substantially higher prices, causing many consumers and businesses to spend less. Steve Bulissa complained that he has paid more for gasoline and a range of grocery items from soft drinks and bread to canned vegetables, with some items rising by one-third or more in price.
Among specific food items tracked by the Bureau of Labor Statistics, egg prices surged 59.9% in 2022, the largest grocery increase by a wide margin, followed by butter/margarine, up 35.3%, and lettuce, up 24.9%.Some signs of moderating prices
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