© David Paul Morris/Bloomberg A large drop in the price of gasoline in December dragged the official U.S. inflation rate down to a 6.5 per cent annual pace, new numbers showed Thursday. The inflation rate in the U.S. decelerated to 6.5 per cent in December, mostly due to much cheaper gasoline. But overall, the decline in gasoline was enough to drag the overall annual inflation rate down to 6.5 per cent from 7.1 per cent. The numbers for December mean that while the official U.S. inflation rate is still more than twice as high as the central bank's target, the annual rate has fallen for six months in a row. "Inflation is cooling as the economy starts to feel the impact of the Fed's earlier rate hikes," Oanda analyst Edward Moya said of the numbers.

Source: CBC News January 12, 2023 14:00 UTC