US inflation slowed in December, spending fell: govt

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Washington (AFP) – In the final month of 2021, Americans dialed back their spending even as incomes rose thanks to wage increases, while inflation showed signs of moderating, government data released Friday said. The Commerce Department’s personal consumption expenditures (PCE) report for December was largely in line with analysts’ expectations, but nonetheless closely watched as it contains the Federal Reserve’s preferred gauge of price increases. The central bank earlier this week had strongly signaled they will raise interest rates in March — for the first time since Covid-19 broke out — …

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