Fed’s preferred inflation gauge falls below 3% for first time since March 2021
Writing
NPR
‘Remarkable’ surge in auto insurance costs fans US inflation | Reuters
Buy now, pay later is a troublesome type of phantom debt, experts say
Some types of debt can haunt you.
“Buy now, pay later” loans, especially, can be hard to track, making it easier for more consumers to get in over their heads, some experts say — even more than credit cards, which are simpler to account for, despite sky-high interest rates.
Over the holidays, the use of installment payments hit an all-time high, up 14% year over year, according to Adobe’s latest online shopping data.
Buy now, pay later is now one of the fastest-growing categories in consumer finance, according to a separate report by Wells Fargo.
Change in Price Since March 2020
NPR
Inflation ticked up a little in December on the back of higher costs for housing and car insurance.
The overall cost of living in December was up 3.4% from a year ago, a slightly larger increase than the 3.1% rate in November, according to data from the Labor Department on Thursday.
The cost of motor vehicle insurance rose 1.5% in December from the previous month, marking a 20.3% increase compared to the previous year.
The cost of housing accounted for more than half the monthly increase in consumer prices. Food and energy prices were also up in December. The so-called "core" inflation rate, which excludes food and energy prices, was 3.9% last month.