Annual inflation in the United States is at the lowest level since October 2021 in January

The data showed that the consumer price index in the United States increased by 0.5% in January after rising by 0.1% in December, and on an annual basis, the consumer price index increased by 6.4% in January, which is the smallest gain since October 2021.

US President Joe Biden said in a statement that the consumer price index report reinforces that we have made historic progress and that we are on the right path and now we need to finish the job. The core CPI, which excludes food and energy components, rose 0.4% in January after rising 0.4% in December.

On an annual basis, the core CPI rose 5.6% in January, the smallest gain since December 2021.