SUMMIT ART CREATIONS - STOCK.ADOBE.COMThis morning’s Consumer Price Index jumped more than many analysts expected, showing the fastest monthly increase since August 2023.
The inflation rate rose to 3% in January, the Bureau of Labor Statistics reported, complicating expectations that the Federal Reserve will continue to lower interest rates to help spur consumer spending.
Marine industry analysts said that current interest rates are tamping down buyer interest in new boats and engines.
Core CPI, which reflects underlying inflation by removing volatile food and energy prices, also showed little improvement. It rose 0.4% from December or 3.3% on a year-over-year basis, both higher than economists expected.
The persistent inflation numbers have slowed progress to the Fed’s target of 2% annual inflation.
