U.S. consumer prices rise at slowest annualized pace in 14 months
The numbers: The U.S. cost of living fell 0.1% in December and posted the first decline...
The numbers: The U.S. cost of living fell 0.1% in December and posted the first decline since the onset of the pandemic in 2020, pointing to a further slowdown inflation after it hit a 40-year peak last summer.
Economists polled by The Wall Street Journal had forecast a 0.1% drop in the consumer price index. Lower oil prices largely accounted for the decline.
The annual rate of inflation fell for the sixth month in a row to 6.5% from 7.1% . That’s the lowest level in more than a year and down from a 40-year peak of 9.1% last summer.
Benchmark U.S. crudeoil for February delivery rose $2.29 to $77.41 a barrel Wednesday. Brent crude for March delivery rose $2.57 to $82.67 a barrel.
Wholesale gasoline for February delivery rose 10 cents to $2.43 a gallon. February heating oil rose 8 cents to $3.22 a gallon. February natural gasrose 3 cents to $3.67 per 1,000 cubic feet.
Why Thursday’s U.S. CPI report might kill stock market’s hope of inflation melting away
A mild stock market rally to kick off the new year will be put...
A mild stock market rally to kick off the new year will be put to the test Thursday when investors face a highly-awaited U.S. inflation reading which could well help determine the size of the Federal Reserve’s next interest-rate increase.
The December CPI reading from the Bureau of Labor Statistics, which tracks changes in the prices paid by consumers for goods and services, is expected to show a 6.5% rise from a year earlier, slowing from a 7.1% year-over-year rise seen in the previous month, according to a survey of economists by Dow Jones. The core price measure that strips out volatile food and fuel costs, is expected to rise 0.3% from November, or 5.7% year over year.
Dow ends up over 250 points, Nasdaq extends win streak ahead of inflation data
U.S. stocks booked a second straight day of gains on Wednesday...
U.S. stocks booked a second straight day of gains on Wednesday a day before investors expect a fresh reading on consumer inflation to show another monthly decline from the summer peak. The Dow Jones Industrial Average DJIA, +0.80% rose about 268 points, or 0.8%, ending near 33,972, while the S&P 500 index SPX, +1.28% booked a 1.3% gain, with both clinching a second day in a row of gains, according to FactSet. Still, the standout has been the rate-sensitive Nasdaq Composite Index COMP, +1.76% with a 1.8% increase on Wednesday that marked its fourth straight daily gain, and its longest win streak in four months, according to Dow Jones Market Data. The rally in equities comes as Treasury rates again edged lower on Wednesday, with the benchmark 10-year yield near 3.554% at 3 p.m. Eastern. It hit a peak yield in October of 4.231%. A fresh reading on inflation from the monthly consumer-price index is expected on Thursday to show the cost of living falling to a 6.5% annual rate in December, after it peaked at 9.1% in June.
Opponents of oil project stage protest outside White House
Dozens of protesters gathered outside the White House on Tuesday to urge the Biden administration to...
Dozens of protesters gathered outside the White House on Tuesday to urge the Biden administration to reject ConocoPhillips's $8 billion Willow oil project in the National Petroleum Preserve-Alaska over concerns about climate change and risks to wildlife. A final environmental analysis for the project is due out by February, with a final decision expected before March.
