What is a recession? The economic concept explained. What causes and happens during one.

Inflation has slowed and gross domestic product has revived , but most economists still expect a mild recession this year.

In December, consumer prices rose 6.5% from a year earlier but that was down from a 40-year high of 9.1% in June.  Core prices, which exclude volatile food and energy items, climbed 5.7% annually, according to the Labor Department's consumer price index.

Another CPI report is due out Tuesday and is expected offer key insights on the state of the economy. 

Meanwhile, GDP, or the value of all goods and services produced in the U.S., increased by 2.6% in the quarter that ended Sept. 30, after dropping at an annual rate of 1.6% in the first three months of the year and 0.6% in the second three, according to the federal Bureau of Economic Analysis.

Olivia Munson & Paul Davidson | USA TODAY

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