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U.S. CPI Continued To Rise To 7% Year-On-Year, Hitting A 40-Year High

The US consumer price index (CPI) in December last year continued to rise to 7% year-on-year, a 40-year high, in line with market expectations, and the previous value was 6.8%. On a monthly basis, the CPI rose 0.5%, slightly higher than market expectations of 0.4%. During the period, the core CPI, excluding food and energy, rose 5.5% year-on-year, slightly higher than the expected 5.4% increase and hitting a 31-year high. On a monthly basis, the core CPI rose by 0.6%, slightly higher than the market expectation of 0.5%, and hitting a new high since June last year. However, the price increases of gasoline and energy, which are the main drivers of inflation, slowed down, increasing by 49.6% and 29.3% year-on-year respectively, while the prices of used cars and trucks rebounded, increasing by 37.3% year-on-year. The increase in the US CPI was in line with market expectations, and there was no sign of further deterioration, which cooled the market's doubts that the Federal Reserve may need to raise interest rates earlier, and the US dollar exchange rate also weakened.

Source: Tradingeconomics.com

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