U.S. Inflation & Price Pressures Report: January 2024

Report summary

After a temporary uptick driven by rising energy prices earlier this year, annual inflation decreased in November to 3.1%, appearing to be back on track towards the Federal Reserve’s 2% target. Supply for most products continues to be plentiful, contributing to easing price growth. Consumer demand was strong in December, fueled in large part by demand for durable goods and services, as well as holiday spending.

Key Takeaways

  • Annual inflation eased again in November. Morning Consult’s price surprise measure ticked down again in December, suggesting inflation could continue to ease.
  • Supply remains plentiful, while consumer demand strengthened through the end of 2023.
  • Gen Zers and parents fueled much of the increased demand through the holiday season.

About the authors

A headshot photograph of Sofia Baig
Sofia Baig

Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.

Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]

A headshot photograph of Kayla Bruun
Kayla Bruun
Senior Economist

Kayla Bruun is a senior economist at decision intelligence company Morning Consult, where she analyzes consumer spending, inflation and household finance trends, leveraging the company’s proprietary high-frequency data.

Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets. 

Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. 

Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business.

Follow her on Twitter @KaylaBruun. For speaking opportunities and booking requests, please email [email protected]