"December 2023 Inflation Report: Impact on American Families and Businesses"

The annual inflation rate in December 2023 rose to 3.4%, up from 3.1% in November, but economists believe it's not cause for concern as progress is being made in the inflation fight. Hourly wages after inflation rose by 0.8% over the past year. Shelter prices saw a 6.2% increase, while some categories like used cars and household appliances experienced price declines due to unwinding pandemic-era supply shortages. Gasoline and food inflation moderated, and housing prices are expected to fall in the coming months. Overall, while some prices remain elevated, there are positive signs in the inflation trends.