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Inflation takes a holiday? New figures suggest a slowdown

1 year 5 months 1 week ago Tuesday, December 13 2022 Dec 13, 2022 December 13, 2022 11:31 AM December 13, 2022 in News
Source: WBRZ

BATON ROUGE - New figures show inflation may be cooling -- both nationwide and in the southern U.S. -- and that sparked a Wall Street rally on Tuesday.

The Consumer Price Index for November rose just one-tenth of one percent both nationally and in the southern region, according to the Bureau of Labor Statistics.

Prices still on the rise included those associated with housing, recreation and apparel. The market for used cars and trucks, medical care and airfare all saw declines.

In the South, prices are still up 7.7 percent over the past 12-months, but the 12-month composite is now at its lowest point since late 2021.

Wall Street is rising Tuesday, fueled by hope that cooling inflation could stem rising interest rates.

The S&P 500 was 1% higher in lunchtime trading. The Dow Jones Industrial Average was up 140 points, or 0.4%, at 34,148, as of 12:06 p.m. Eastern time, while the Nasdaq composite was 1.4% higher.

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