Inflation Rate Sees Largest Slowdown Since 2020

KABUL, AFGHANISTAN - OCTOBER 29:  An Afghan merchant holds a box of Kraft Easy Mac Macaroni and Cheese Dinner at the Bush Bazaar October 29, 2006 in Kabul, Afghanistan. The small black market named after U.S. President George W. Bush is flooded with cheap American goods coming from military surplus as well as some stolen goods. Non-Islamic foods, such as  Aunt Jemima Maple Syrup and industrial-size tubs of protein powder, Gatorade, Campbells soups and nacho-cheese pretzels line the shelves.  (Photo by Paula Bronstein/Getty Images)

At a glance

  • The most recent inflation data come after one of the worst stock market performances in modern history as soaring prices, geopolitical pressures, and backlogged supply chains plagued the economy.
  • The S&P 500 index plummeted nearly 20% in 2022, rivaling the 37% decline seen in 2008 amid the collapse of the banking system, as well as the 12% and 22% declines witnessed in 2001 and 2002 amid the dot-com bubble.
  • Federal Reserve Chair Jerome Powell believes the “participation gap” is mostly a result of “excess retirements” that occurred beyond “what would have been expected from population aging alone,” even as younger individuals largely returned to the workforce.

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