U.S. Consumer Prices Increase In Line With Estimates In January
(RTTNews) - The Labor Department released a report on Tuesday showing U.S. consumer prices increased in line with economist estimates in the month of January.
The report said the consumer price index climbed by 0.5 percent in January following a revised 0.1 percent uptick in December.
Economists had expected consumer prices to rise by 0.5 percent compared to the 0.1 percent dip originally reported for the previous month.
Excluding food and energy prices, core consumer prices rose by 0.4 percent in January, matching a revised increase in December as well as economist estimates.
The Labor Department also said the annual rate of growth in consumer prices slowed to 6.4 percent in January from 6.5 percent in December.
While the year-over-year price growth reflected the smallest increase since October 2021, economists had expected the pace of annual growth to slow to 6.2 percent.
The annual rate of core consumer price growth slowed to 5.6 percent in January from 5.7 percent in December. The pace of growth was expected to slow to 5.5 percent.
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