Inflation remains above target as workers absorb lost buying power

Consumer prices rose 0.4% over the past month and 3.4% over the past year, remaining above the Federal Reserve’s 2% target. Higher oil and gas prices contributed to the increase.

A study of payroll records for about 16 million workers found that 43% of workers who stayed in their jobs experienced declines in inflation-adjusted wages between 2021 and 2024. The analysis argues that reducing inflation will require action by Congress as well as the Federal Reserve.

Read the full story at standard.net.