U.S. Consumer Prices Increase In Line With Estimates In January
(RTTNews) - A highly anticipated report released by the Commerce Department on Thursday showed consumer prices in the U.S. increased in line with economist estimates in the month of January.
The Commerce Department said consumer prices rose by 0.3 percent in January after inching up by a revised 0.1 percent in December.
Economists had expected consumer prices to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
Excluding food and energy prices, core consumer prices climbed by 0.4 percent in January after edging up by a revised 0.1 percent in December. The increase in core prices also matched estimates.
Meanwhile, the report said the annual rate of consumer price growth slowed to 2.4 percent in January from 2.6 percent in December. The slowdown matched expectations.
The annual rate of core consumer price growth also slowed to 2.8 percent in January from 2.9 percent in December, in line with estimates.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending in the month of January.
The report said personal spending jumped by 1.0 percent in January, while personal spending crept up by 0.2 percent during the month.
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