The annual rate of inflation in the United States continued to decline in December 2022 for the sixth month in a row to 6.5% from 7.1% in November 2022, according to data published on Thursday by the Department of Labor, reports Bloomberg.citing Agerpres. .

In addition, consumer prices fell 0.1% month-on-month in December after rising 0.1% in November, the first recorded decline since May 2020.

Excluding food and energy prices, so-called core inflation rose by 0.3% in December 2022 and was 5.7% above the level at which it was in December 2021.

Economists consider core inflation to be the best indicator of inflationary pressure.

The data is further evidence that inflation is slowing and could prompt Federal Reserve officials to reduce the pace of interest rate hikes at the next monetary policy meeting.

Over the past year, the Fed has raised its benchmark interest rate by 425 basis points, from near zero to a range of 4.25% to 4.50%, the highest level since 2007.

At the end of 2022, Fed officials predicted that an additional rate hike of at least 75 basis points would be needed by the end of 2023.

However, Geeta Gopinath, first deputy managing director of the International Monetary Fund, recently estimated that inflation in the United States “has not yet passed” its peak, and it is too early for the US Federal Reserve (Fed) to declare victory in the fight against rising prices.

The publication of the new data was a breath of fresh air for US President Joe Biden, whose image has been badly damaged in recent days by the discovery of secret documents from his time as vice president in his office in Washington and at his home in Delaware.