US President Joe Biden says the sharp slowdown in the overall annual inflation rate means ‘more breathing room for hardworking Americans.’
. It has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5% range.
With independent measures showing rents on a downward trajectory, housing inflation is expected to continue subsiding this year. The rent measures in the CPI tend to lag the independent gauges. The slowdown in rent gains led economists at Goldman Sachs to withdraw their forecast for a June rate hike.
Airline fares increased 4% despite falling energy prices, which some economists said reflected higher wages and spring travel. The cost of hotel and motel accommodation also rose strongly.
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