A former top corporate executive warned that the economy doesn’t appear to be on a fast path to recovery due to higher-than-anticipated inflation and recent mass layoffs.
The Consumer Price Index (CPI) increased 0.3 percent last month after gaining 0.2 percent in December, the Labor Department’s Bureau of Labor Statistics revealed. Shelter, which includes rents, accounted for more than two-thirds of the rise in the CPI. On a year-by-year basis, the rate increased 3.1 percent.
