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According to the Commerce Department’s personal consumption expenditures price index, the rate of price increases in the US cooled in December 2023. The index increased by 0.2% on a monthly basis and was up 2.9% on a yearly basis, excluding food and energy. Economists had expected respective increases of 0.2% and 3%. This data suggests that inflation is continuing to decrease, potentially allowing the Federal Reserve to cut interest rates later in the year. The Fed’s target for annual inflation is 2%. Additionally, consumer spending increased by 0.7% and personal income growth edged lower to 0.3%.

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