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US inflation down, but still above target

Productivity gains should help keep labour costs in check over the medium term.

Line chart titled "Stalling US inflation pressures" showing Year‑over‑Year Headline CPI (dark blue) and Core CPI (light blue) between Jan 2024 and late 2025. Both trend down toward the Fed’s dashed 2% target, with Core generally above Headline; axes show months and YoY percentage. Source: Amundi/Bloomberg.

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