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The rate of inflation is once again on the rise. Consumer prices jumped two-point-seven-percent compared to a year ago according to new data from the U.S. Bureau of Labor Statistics released Wednesday. The increase was in line with analysts’ expectations.
The new data comes as the Federal Reserve is weighing an anticipated rate cut next week. While inflation has cooled from its peak of over nine-percent in June 2022, it still remains just above the Fed’s two-percent target rate.
