A key inflation gauge accelerated in December, a sign that many prices are still rising more quickly than most Americans would prefer — and faster than the Federal Reserve’s target of 2% a year. The figures show that inflation remains elevated, even as it has come down from a peak near 7% in 2022. With many prices still rising more quickly than they did before the pandemic, the report points to a key reason that many Americans remain unhappy with the economy, even as unemployment remains low and growth is solid.

China has moved to curb a fierce price war among automakers that has caused massive losses for the industry. China’s State Administration for Market Regulation released new guidelines on Thursday to prevent manufacturers from pricing cars too cheaply in order to squeeze out rivals. The China Association of Automobile Manufacturers reported this week that domestic passenger car sales fell 20% in January, compared to a year earlier. Analysts say a cut in tax exemptions for electric vehicles and weaker EV subsidies in several Chinese regions have dampened demand. As domestic car demand slows, Chinese carmakers are expanding their global sales, and exports are expected to grow this year.