The U.S. Labor Department reported the first slowdown in annual inflation growth in months with gasoline prices easing off record highs, suggesting that inflation may have peaked
That aspect was reinforced by the report from the Labor Department on Wednesday, which also showed underlying monthly inflation pressures building up again after a lull in March as airline ticket prices notched their biggest increase on record. Rents rose by the most since 2006, further squeezing consumers who also paid more for food and healthcare.
Russia's unprovoked war against Ukraine is the main catalyst for the surge in gasoline prices, and has also driven up global goods prices. Stocks on Wall Street rebounded following a recent drubbing. The dollar fell against a basket of currencies while U.S. Treasury prices were mixed.People carrying shopping bags walk inside the King of Prussia shopping mall, as shoppers show up early for the Black Friday sales, in King of Prussia, Pennsylvania, U.S. November 26, 2021. REUTERS/Rachel Wisniewski
"We remain nervous about the impact from gasoline and the growing price pressures within services," said James Knightley, chief international economist at ING in New York.
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