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Japan had struggled to even reach the central bank inflation target of 2%.
The Federal Reserve is aiming for long-term inflation of 2%. But economists say a bit more could help some workers and borrowers.
The change will allow the central bank to keep interest rates low even if inflation tops its 2% target.
The consumer price index can affect your next raise, and Social Security cost-of-living adjustments are tied to it.
Everything you ever wanted to know about inflation.
US core consumer prices up 0.3 percent, most in a year
The Federal Reserve has two main jobs: maximize employment and keep prices stable. That second piece, stable prices, has meant the Fed tries to keep inflation at 2 percent. Former Fed Chair Ben Bernanke made that target the explicit goal about six years ago, but it’s been unofficial far longer than that. Lots of other […]