BLS Revises December CPI Inflation Lower, Moderating 2023's Inflation Outlook

The revision indicates a slight easing in inflation, while concerns about the accuracy of CPI data persist due to weak survey response rates.

The Bureau of Labor Statistics (BLS) revised December's Consumer Price Index (CPI) inflation lower, indicating a moderation in inflation as 2023 ended.
The revised data showed December CPI inflation at 0.2%, a slight drop from the initially reported 0.3%.
Core CPI inflation over the past six months was revised to 3.25% from 3.21%, with the annualized rate unchanged at 3.3%.
The response rate for CPI surveys in 2023 remained weak at 71%, raising concerns about the accuracy of US inflation data.
Federal Reserve officials are looking for more evidence of sustainable price pressure retreats before considering interest rate cuts.