Greedflation occurs when the product remains the same, but the company hikes the price to generate more profits. And What Is the Current Inflation Rate? According to the CPI released by the U.S. Bureau of Labor Statistics in January 2024, the nation’s inflation rate was 3.4% over the course of 2023 [ ]. The inflation rate means prices for consumer goods and services rose 3.4% from the end of 2022 to the end of 2023. The annual inflation rate has been coming down: Prices jumped 6.5% in 2022 [ ] and 7% in 2021 [ ].

Source: Washington Post January 31, 2024 18:55 UTC